Anhui Wanwei Updated High-Tech Material Industry Company Limited (SHSE:600063) signed equity acquisition agreement to acquire Anhui Wanwei Membrane Materials Co., Ltd. from Anhui Wanwei Group Co., Ltd for approximately CNY 270 million in cash and stock on March 14, 2014. Anhui Wanwei Updated High-Tech Material Industry is also acquiring land use rights from Anhui Wanwei Group. The consideration for acquisitions of Anhui Wanwei Membrane Materials will be paid as CNY 120 million in cash and remaining through issue of 70.756710 million shares. The cash component will be funded from private placement of CNY 130 million.

As of February 28, 2014, Anhui Wanwei Membrane Materials Co., Ltd had assets of CNY 1.41 million, owner's equity of CNY 214.35 million, and total assets of CNY 212.94 million. The transaction was approved by Board of Directors of Anhui Wanwei Updated High-Tech Material Industry Company. The transaction is subject to second time approval of Board of Directors of Anhui Wanwei Updated High-Tech Material Industry Company, approval by shareholders of approval by State-owned Assets Supervision and Administration Commission of Anhui Province and China Securities Regulation commission. As of August 15, 2014, the transaction was approved by Board of Directors of Anhui Wanwei Updated High-Tech Material Industry. On September 9, 2014, the transaction was approved by shareholders of Anhui Wanwei Updated High-Tech Material Industry. Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the CSRC conditionally approved the transaction on December 25, 2014. Llinks Law Office acted as legal advisor and China Investment Securities Co., Ltd. acted as financial advisor to Anhui Wanwei Updated High-Tech Material Industry Company Limited.