Yintai Resources Co.,Ltd (SZSE:000975) entered into an agreement to acquire remaining 99.78% stake in Shanghai Shengwei Mining Investment Co., Ltd. from group of sellers for CNY 4.5 billion on October 18, 2016. Yintai Resources will issue a total of approximately 374.06 million shares as consideration. Post transaction, Yintai Resources Co., Ltd. will hold 100% stake in Shanghai Shengwei Mining Investment Co., Ltd. As of June 30, 2016, Shanghai Shengwei Mining Investment reported total assets of CNY 2.1 billion and net assets of CNY 99.95 million. The transaction remains subject to the free trade zone administrative committee’s filing, the foreign exchange administrative department’s filing registration, the second approval of Yintai Resources' directorate, Yintai Resources shareholders’ approval and China Securities Regulatory Commission’s approval. The National Development and Reform Commission are filing registration, the Ministry of Commerce and Board of Directors's of Yintai Resources have approved the transaction. The transaction has obtained approval of Free Trade Zone administrative committee's "Enterprise overseas investment certificate" and overseas investment foreign exchange filing registration. The acquisition has been approved by China Securities Regulatory Commission. Yintai Resources Co., Ltd. completed the acquisition of 10.4% stake in Shanghai Shengwei Mining Investment Co., Ltd. from Beijing Huiwei Jiaye Investment Co., Ltd. on November 24, 2017. Essence Securities Co., Ltd. acted as financial advisor, Beijing Kangda Law Firm acted as legal advisor and Ernst & Young Hua Ming LLP acted as accountant to Yintai Resources. Yintai Resources Co.,Ltd (SZSE:000975) completed the acquisition of remaining 99.78% stake in Shanghai Shengwei Mining Investment Co., Ltd. from group of sellers on January 12, 2018.