Zhejiang Xinao Textiles Inc. (SHSE:603889) won a bid to acquire 100% stake in TODD & DUNCAN LIMITED from Ningxia ZheAo Enterprise Management Partnership (Limited Partnership) for CNY 42 million on June 19, 2020. On July 2, 2020, Zhejiang Xinao Textiles Inc. entered into an agreement to acquire 100% stake in TODD & DUNCAN LIMITED from Ningxia ZheAo Enterprise Management Partnership (Limited Partnership) for CNY 42 million. Zhejiang Xinao Textiles signed an online "Confirmation of Transaction" with Shanghai Baichang Auction Co., Ltd. According to the auction announcement, the buyer should sign the relevant transfer agreement with the client offline within 15 working days after the auction is completed. Zhejiang Xinao Textiles has paid a deposit of CNY 4,200,000 on June 17, 2020 and shall pay 80% of the auction transaction price (including the deposit paid) within fifteen working days from the auction transaction date, which is CNY 29,400,000. Zhejiang Xinao Textiles shall pay all remaining bidding transaction fees, namely CNY 8,400,000, within five working days after the completion of the registration of the change of ownership of the bidding bid. On July 2, 2020, the eighth meeting of the fifth Board of Directors of Zhejiang Xinao Textiles reviewed and approved the transaction