Shanghai Phoenix Enterprise (Group) Co., Ltd. (SHSE:900916) signed an intention agreement to acquire remaining 49% equity of Shanghai Phoenix Bicycle Co., Ltd. from Jiangsu Meile Investment Co., Ltd. for approximately CNY 290 million on January 6, 2020. Shanghai Phoenix Enterprise (Group) Co., Ltd. (SHSE:900916) agreed to acquire remaining 49% equity of Shanghai Phoenix Bicycle Co., Ltd. from Jiangsu Meile Investment Co., Ltd. on January 17, 2020. The consideration will be paid in shares. 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 transactions, Shanghai Phoenix Enterprise (Group) Co., Ltd. also agreed to acquire Tianjin ASK Bicycle Industry Co., Ltd. and Tianjin Tianren Bicycle Material Co., Ltd. Shanghai Phoenix Enterprise will raise funds of not more than CNY 500 million to not more than 35 investors to pay the cash consideration for related transactions and to pay the intermediary agency fees of this transaction, the taxes and fees. For the year ended December 31, 2020, Shanghai Phoenix reported total revenues of CNY 763.3495 million, total assets of CNY 363.3499 million, EBIT of CNY 35.3654 million, net income of CNY 28.6298 million and net assets of CNY 113.5426 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. The transaction was approved by the Board of Shanghai Phoenix Enterprise. As on August 11, 2020, Shanghai SASAC approved the transaction. On August 12, 2020, shareholders of Shanghai Phoenix Enterprise 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. On October 28, 2020, the Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the CSRC reviewed and approved. 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. Shen Yong, Fang Xiaojie and Li Jing of AllBright Law Offices acted as legal advisor to Shanghai Phoenix Enterprise (Group) Co., Ltd. Zhong Ling, Dong Bicheng, Hou Xinze, Wang Zheqi, Zhao Juna and Huo Zhicheng of Orient Securities Investment Banking Co., Ltd acted as financial advisor to Shanghai Phoenix Enterprise (Group) Co., Ltd. Tang Huijue and Guo Tian of Shanghai Certified Public Accountants acted as accountant to Shanghai Phoenix Enterprise (Group) Co., Ltd.