Wuhan Hiteck Biological Pharma Co.,Ltd (SZSE:300683) intends to acquire a 67% stake in Xiamen Weijia Pharmaceutical Co., Ltd. from Yongxin County Xinxinyuan Enterprise Management Consulting Center (Limited Partnership) for CNY 70.3 million on November 13, 2020. As per terms of transaction, CNY 28.14 million will be paid in the first phase, CNY 21.105 million will be paid in the second phase, and CNY 21.105 million will be paid in the third phase. Post completion, will hold 3% stake in Xiamen Weijia Pharmaceutical Co., Ltd. As on August 31, 2020, Xiamen Weijia Pharmaceutical Co., Ltd reported total assets of CNY 34.006880 million and net assets of CNY 18.500919 million. Wuhan Hiteck Biological Pharma Co., Ltd. received a notice from Weijia Pharmaceutical Co., Ltd. stating that Weijia pharmaceutical has completed the industrial and commercial change registration procedures of this transaction and obtained the business license renewed by Xiamen Haicang market supervision and Administration Bureau.