Beijing Electric Vehicle Co., Ltd. entered into an agreement to acquire Chengdu Qian Feng Electronics Co., Ltd. (SHSE:600733) in a reverse merger transaction on January 22, 2018. Under the terms of the transaction, Chengdu Qian Feng Electronics Co., Ltd. will issue 761.09 million shares as consideration. As per the agreement, Chengdu Qian Feng Electronics will acquire 8.15% stake in Beijing Electric Vehicle Co., Ltd. from BAIC Guangzhou for 62.4 million new A shares and remaining stake in Beijing Electric Vehicle Co., Ltd. from other shareholders for 697.7 million new A shares. Beijing Automotive Group Co., Ltd. will acquire all the assets and liabilities of Chengdu Qian Feng Electronics Co., Ltd. for 29.12% stake in Beijing Electric Vehicle Co., Ltd. As per the amendment, Beijing Automotive Group Co., Ltd. will acquire all the assets and liabilities of Chengdu Qian Feng Electronics Co., Ltd. for 32.89% stake in Beijing Electric Vehicle Co., Ltd. The transaction is subject to approval from Board of Directors and shareholders of Chengdu Qian Feng Electronics Co., Ltd., internal decision making committee of shareholders of Beijing Electric Vehicle Co., Ltd., shareholders of Bohai Automotive Systems Co., Ltd. being one of the shareholder of Beijing Electric Vehicle Co., Ltd., Beijing State-owned Assets Supervision and Administration Commission of the State Council, China Securities Regulatory Commission and The Ministry of Commerce of People's Republic of China. The appraisal results of the swapped-in and swapped-out assets involved in the transaction was previously approved by the State-owned Assets Supervision and Administration Commission of People’s Government of Beijing Municipality. The transaction was approved by the board of Directors of Chengdu Qian Feng Electronics Co., Ltd. and Bohai Automotive Systems Co., Ltd. and related authorities of other shareholders of Beijing Electric Vehicle Co., Ltd. on January 22, 2018. On February 9, 2018, the transaction was approved by the shareholders of Bohai Automotive Systems Co., Ltd. On February 12, 2018, the transaction was approved by the shareholders of Chengdu Qian Feng Electronics Co., Ltd. On April 18, 2018, the transaction was approved by Chengdu Qian Feng Electronics Co., Ltd.’s 8th Directorate’s 24th meeting. As on April 27, 2018, Merger, Acquisition and Reorganization Examination Committee of the Listed Company of China Securities Regulatory Commission approved the transaction. As on June 1, 2018, the transaction has been approved by China Securities Regulatory Commission. On June 12, 2018, the name of Chengdu Qian Feng Electronics Co., Ltd. was changed to Beijing Qianfeng Electronic Co., Ltd. The transaction is expected to close within six months from approval of China Securities Regulatory Commission. Wang Changqing, Lu Xiaofeng, Guo Yingying, Zeng Zhijie, Wang Bo, Zhou Baichuan, Wang Jian, Liu Shijiao, Zhang Yunwei, Meng Jing, Zhao Yi and Gao Xudong of CSC Financial Co., Ltd. (SEHK:6066) acted as financial advisors, Wang Ling,Wang Kaiding and Song Yanyan of King & Wood PRC Lawyers acted as legal advisors, Xu Hua, Zheng Jianbiao, Li Yang and Zhang Zhiwei of Grant Thornton Accounting Firm and Li Wulin, Huang Min and Zhang Lan of Sichuan Hua Xin (Group) CPA Firm acted as auditors and Sun Jianmin, Zhang Yong, Wang Kunying and Xie Jin of Beijing Tianjian Xingye Asset Appraisal Co., Ltd. acted as asset appraisers for Chengdu Qian Feng Electronics Co., Ltd. Beijing Electric Vehicle Co., Ltd. completed the acquisition of Beijing Qianfeng Electronic Co., Ltd. (SHSE:600733) in a reverse merger transaction on July 27, 2018.