Western Region Gold Co., Ltd. (SHSE:601069) agreed to acquire 51% stake in Xinjiang Baiyuanfeng Mining Co., Ltd. from Yang Shengrong for CNY 1 billion on July 13, 2017. On July 17, 2017, agreement for the transaction was signed. As consideration, Western Region Gold will pay CNY 305.75 million in cash and pay CNY 713.4 million by issuing 34.78 million shares. In a related transaction, Western Region Gold agreed to acquire 51% stake in Akto Kebang Manganese Industry Manufacturing Co., Ltd. for Yang Shengrong. Western Region Gold will raise up to CNY 400 million via private placement to fund the cash consideration. The transaction is subject to approval from shareholders of Western Region Gold, approval of the State-owned Assets Supervision and Administration Commission of Xinjiang and CSRC. On July 13, 2017, Xinjiang Baiyuanfeng Mining's shareholders approved the transaction. On July 17, 2017, Western Region Gold held the 16th session of its 2nd directorate and approved the transaction. After the completion of the audit and appraisal, Western Region Gold would need to hold another directorate to approve the transaction. Southwest Securities Co., Ltd. (SHSE:600369) acted as financial advisor to Western Region Gold. Western Region Gold Co., Ltd. (SHSE:601069) cancelled the acquisition of 51% stake in Xinjiang Baiyuanfeng Mining Co., Ltd. from Yang Shengrong on January 10, 2018.