Shenzhen MinDe Electronics Technology Ltd. (SZSE:300656) signed an agreement to acquire Shenzhen Taibo Xun Rui Technology Co., Ltd. from Gao Feng and Gong Liangyun for approximately CNY 140 million on March 23, 2018. Under the terms, Gao Feng and Gong Liangyun will sell 54% and 46% stake respectively. Transaction price was momentarily set at approximately CNY 140 million. The price will be paid in 3 installments wherein first installment of CNY 71.25 million will be paid within 10 days after completion of change of registry procedures and delivery of underlying equity of Shenzhen Taibo Xun Rui Technology Co., Ltd. The second installment of CNY 30 million will be paid within 10 days since Shenzhen Taibo Xun Rui Technology Co., Ltd. exceeds profit for CNY 65 million. The third installment of CNY 37.75 million will be paid within 10 days since Shenzhen Taibo Xun Rui Technology Co., Ltd. exceeds profit for CNY 95 million. For the year ended December 31, 2017, Shenzhen Taibo Xun Rui Technology Co., Ltd. had total assets of CNY 59.9 million, owner's equity of CNY 14.67 million, operating profit of CNY 9.93 million and net profit of CNY 8.1 million. The transaction is subject to the approval of the shareholders of Shenzhen MinDe Electronics Technology Ltd. and a secondary approval of the Board of Directors of Shenzhen MinDe Electronics Technology Ltd. after completion of audit and assessment procedure. On March 23, 2018, the transaction was approved by the Board of Directors of Shenzhen MinDe Electronics Technology Ltd. in the 22nd meeting of 3rd directorate. The installment must be used in its entirety to purchase shares in Shenzhen MinDe Electronics Technology Ltd. A 50% of that installment must be used to purchase shares of Shenzhen MinDe Electronics Technology Ltd. in the secondary market. A 50% of that installment must be used to purchase shares of Shenzhen MinDe Electronics Technology Ltd. in the secondary market. Yan Shaodong, Lin Ying, Yao Xinghao and Shu Qian of Great Wall Securities Limited acted as financial advisors, Zhou Yan and Liu Congzhen of China Commercial Law Firm acted as legal advisor sand Zheng Mingyan and Zhou Ciqi of Ruihua Certified Public Accountants, LLP acted as accountants for Shenzhen MinDe Electronics Technology Ltd.