Shanghai Phoenix Enterprise (Group) Co., Ltd. (SHSE:900916) entered into an intention document to acquire Tianjin Tianren Bicycle Material Co., Ltd. from Tianjin Gelei Bicycle Co., Ltd. on January 6, 2020. Shanghai Phoenix Enterprise (Group) Co., Ltd. (SHSE:900916) entered into conditional asset acquisition agreement to acquire Tianjin Tianren Bicycle Material Co., Ltd. from Tianjin Gelei Bicycle Co., Ltd for approximately CNY 180 million on January 17, 2020. The consideration shall be paid in cash. The final transaction price of the target will be based on the evaluation result of the evaluation report issued by an asset evaluation agency with qualifications in securities and futures related business. In related deals, Shanghai Phoenix Enterprise entered into intention documents to acquire Tianjin ASK Bicycle Industry Co., Ltd. and Shanghai Phoenix Bicycle Co., Ltd. Shanghai Phoenix Enterprise will raise matching funds by issuing non-public offering shares to not more than ten designated investors for not more than 100% of the transaction price. Shanghai Phoenix expected to raise fund not more than CNY 500 million out of which approximately CNY 230 million is used to pay cash consideration and remaining fund is used for paying intermediary fee and supplement the liquidity of company. In the year ended December 31, 2019 Tianjin Tianren Bicycle Material Co., Ltd. reported total assets of CNY 173 million, total equity of CNY 82.9 million, revenue of CNY 16.8 million, operating loss of CNY 15.3 million and net loss of CNY 14.3 million. The transaction is still subject to approval of the board of directors and shareholders of Shanghai Phoenix Enterprise; the asset evaluation report related to this transaction needs to be filed by the state-owned assets supervision and management department; approval by the State-owned Assets Supervision and Administration Department, the Shanghai Commercial Commission, the CSRC and other competent authorities. As on January 17, 2020, the transaction has been approved by the Directors of Shanghai Phoenix and from the internal decision-making bodies of Tianjin Tianren Bicycle. As reported on July 27, 2020, Board of Shanghai Phoenix Enterprise held meeting and 9 directors attended meeting on July 27, 2020. It reviewed and approved the proposal on share issuance, cash payment, changing the base date for audit and evaluation of the target assets of the major asset restructuring and proposed to change the base date for audit and evaluation of the subject assets to April 30, 2020. As of August 12, 2020, the shareholders of Shanghai Phoenix Enterprise (Group) Co., Ltd. approved the transaction. On September 25, 2020, The board of directors of Shanghai Phoenix Enterprise (Group) Co., Ltd. and Board of Supervisors approved for the issuance of cash. The transaction is still pending from China Securities Regulatory Commission and Shanghai Municipal Commission of Commerce. As of October 29, 2020, China Securities Regulatory Commission approved the deal. On November 17, 2020, Shanghai Phoenix Enterprise (Group) Co., Ltd. received approval for acquisition of assets through the issuance of shares and raising of supporting funds issued by the CSRC. Zhong Ling, Dong Bicheng, Hou Xinze, Wang Zheqi, Zhao Jun and Huo Zhicheng of Orient Securities Investment Banking Co., Ltd. acted as financial advisor to Shanghai Phoenix Enterprise (Group) Co., Ltd. Shen Yong, Fang Xiaojie and Li Jing of AllBright Law Offices acted as legal advisor to Shanghai Phoenix Enterprise (Group) Co., Ltd. Tang Huijue and Guo Tian of Shanghai New Shanghai Certified Public Accountants Co., Ltd. acted as accountant to Shanghai Phoenix Enterprise (Group) Co., Ltd.