Shenzhen Blackcow Capital Management Co., Ltd agreed to acquire Shantou Blackcow Industrial, Jieyang Blackcow Food Industry, Blackcow Food (Guangzhou), Anhui Blackcow Food Industry and Blackcow Food Marketing from Blackcow Food Co., Ltd. (SZSE:002387) for approximately CNY 510 million on July 28, 2016. The company will sell its 100% stake in Shantou Blackcow Industrial Co., Ltd., Jieyang Blackcow Food Industry Co., Ltd., Blackcow Food (Guangzhou) Co., Ltd., Anhui Blackcow Food Industry Co., Ltd. and Blackcow Food Marketing Co., Ltd. In 2015, the food business generated operating income of CNY 431 million and net profit of CNY 642 million. The transaction needs to be approved by the bondholders’ meeting and shareholders’ meeting of Blackcow Food Co. As on August 2, 2016, the Board of Blackcow Food Co approved the deal. As on August 18, 2016, bondholders and shareholders of Blackcow Food approved the transaction. China Securities Co., Ltd. acted as financial advisor, Deheng Law Offices acted as legal advisor and Moore Stephens Da Hua Certified Public Accountants acted as an accountant to Blackcow Food Co. As of September 23, 2016, the acquisition of Jieyang Blackcow Food Industry Co., Ltd., Anhui Blackcow Food Industry Co., Ltd., Blackcow Food (Guangzhou) CO., Ltd., Blackcow Food Marketing Co., Ltd. has been completed. The acquisition of Shantou Blackcow Industrial Co., Ltd. have not yet been completed. Shenzhen Blackcow Capital Management Co., Ltd. completed acquisition of Shantou Blackcow Industrial, Jieyang Blackcow Food Industry, Blackcow Food (Guangzhou), Anhui Blackcow Food Industry and Blackcow Food Marketing from Blackcow Food Co., on January 10, 2017.