Ningbo Industrial Investment Group Co.,Ltd. entered into a letter of intent to acquire 29.99% stake in Qijing Machinery Co., Ltd. (SHSE:603677) from Ningbo Qijing Holdings Co., Ltd. and Wang Yongqi for CNY 880 million on February 22, 2021. Under the terms, Ningbo Industrial Investment Group Co.,Ltd. will acquire 57.63 million shares for CNY 15.27 per share where Ningbo Qijing Holdings Co., Ltd. and Wang Yongqi will transfer 56.13 million shares and 1.5 million shares of Qijing Machinery Co., Ltd. The amount of the transfer price of the first phase of the target shares is 5% of the total transfer price, for second phase is 35% of the total, and for third phase is 55% of the total consideration. The remaining transfer price of 5% will be paid within 10 working days from the date when the relevant conditions are met and after 6 months after the delivery date. Post completion, Ningbo Qijing Holdings Co., Ltd. and Wang Yongqi will hold 22.81% and 3.84% respectively. Ningbo Industrial Investment Group Co.,Ltd. will become the controlling shareholder, and the actual controller of the company will be changed to the state owned assets supervision and Administration Commission of Ningbo Municipal People's government. The company's shares, Qijing Machinery Co., Ltd convertible bonds and Qijing Machinery Co., Ltd convertible shares will resume trading on February 23, 2021. As of March 19, 2021, State-owned Assets Supervision and Administration Commission of Ningbo People’s Government approved the transaction. Ningbo Industrial Investment Group Co.,Ltd. completed the acquisition of 29.99% stake in Qijing Machinery Co., Ltd. (SHSE:603677) from Ningbo Qijing Holdings Co., Ltd. and Wang Yongqi on April 30, 2021.