Shanghai Haitong Securities Asset Management Company Ltd signed an equity transfer agreement to acquire 5.99% stake in Kinghand Industrial Investment Group Co.,Ltd. (SZSE:000615) from Kinghand Holding Group Co., Ltd. for approximately CNY 220 million on August 20, 2019. Shanghai Haitong Securities Asset Management Company Ltd will acquire 46.9 million shares. The consideration is 90% of the stock closing price marked on the first trading day prior to the signing date of the agreement. The payment will be done within 10 days since completion of delivery of underlying equity.