Tianjin Binhai High-tech Zone Asset Management Co., Ltd. agreed to acquire Tianjin Binhai Qitai Investment Co., Ltd. from Tianjin Hi-Tech Development Co.,Ltd. (SHSE:600082) for approximately CNY 480 million on October 26, 2020. Under the terms of the transaction an initial payment of CNY 100 million will be paid within 2 days upon sigining of the agreement, and another payment amounting to approximately CNY 290 million will be paid after Tianjin Hi-Tech completes the procedures for discharging the real estate mortgage, CNY 47 million to be paid before August 31, 2021 and CNY 47 million to be paid before August 31, 2022. Tianjin Binhai Qitai reported total assets of CNY 361.4 million, net assets of CNY 356.4 million and net loss of CNY 0.27 million in the year ending in August 2020. The transaction was approved by the Board of Directors of Tianjin Hi-Tech but is still subject to the approval of its shareholders. The transaction was approved by the shareholders of Tianjin Hi-Tech Development Co.,Ltd. in a general meeting held on November 11, 2020.