Wolong Real Estate Group Co.,Ltd. (SHSE:600173) signed a share transfer agreement to acquire 13% stake in Guangzhou Junhai Network Technology Co., Ltd. from Chen Jinhai, Ge Kunhong and Guangzhou Ucweb Computer Technology Company, Ltd. for approximately CNY 110 million on January 3, 2017. As reported, Wolong Real Estate Group will acquire 6% stake from Chen Jinhai for CNY 57 million, 2% stake from Ge Kunhong for CNY 19 million and 5% stake from Guangzhou UCWEB Computer Technology Co., Ltd for CNY 32.5 million. For the year ended December 31, 2016, Guangzhou Junhai Network Technology Co., Ltd. reported total assets of CNY128.8 million, net assets of CNY 82.9 million, revenue of CNY 178.8 million and net profit of CNY 44.7 million. The transaction is not subject to approval of shareholders of Wolong Real Estate Group Co.,Ltd. The transaction has been approved by Board of Directors of Wolong Real Estate Group Co.,Ltd.