Hubei Bothwin Investment Co. Ltd. (SZSE:000760) agreed to acquire Phoenix Tree HSC Investment (Wuhan) Co. Ltd. for CNY 500 million on October 30, 2012. Hubei Bothwin Investment Co. Ltd. entered into an equity transfer agreement to acquire Phoenix Tree HSC Investment (Wuhan) Co. Ltd. on November 5, 2012. The transaction will be financed by a private placement with total proceeds of CNY 1.5 billion. Pursuant to the transaction, Phoenix Tree HSC Investment (Wuhan) Co. Ltd. will operate as a wholly-owned subsidiary of Hubei Bothwin.

The transaction is subject to the approval of shareholders of Hubei Bothwin at a meeting to be held on January 31, 2013. The deal has been unanimously approved by the Board of Directors of Hubei Bothwin on October 30, 2012. As on January 31, 2013, the shareholders of Hubei Bothwin approved the deal.

Hubei Bothwin Investment Co. Ltd. (SZSE:000760) cancelled the acquisition of Phoenix Tree HSC Investment (Wuhan) Co. Ltd. on October 30, 2013.