Daimler Greater China Ltd. signed framework agreement to acquire 3.93% stake in Beijing Electric Vehicle Co., Ltd. from Shenzhen Jinggangshan New Energy Investment Management Co., Ltd. for approximately CNY 630 million on June 1, 2017. Daimler Greater China Ltd will acquire 208 million shares at CNY 3.05 per share. As on September 8, 2017, the equity acquisition agreement was signed for the deal. In related transaction, Tianjin Jinxing Investment signed the share transfer agreement to acquire 1% stake in Beijing Electric Vehicle Co., Ltd from Shenzhen Jinggangshan New Energy Investment Management Co., Ltd for approximately CNY 320 million and Shenzhen Oceanwide Yunteng Investment Partnership Enterprise (Limited Partnership) signed a share transfer agreement to acquire 1.89% stake in Beijing Electric Vehicle Co., Ltd. from Oceanwide Equity Investment Management Co., Ltd. for CNY 530 million on September 8, 2017. For the year ending December 31, 2016, Beijing Electric Vehicle Co., Ltd. reported total assets of CNY 16.4 billion, shareholder’s equity of CNY 5 billion, revenue of CNY 9.4 billion and net profit of CNY 108.4 million. The transaction is subject to governmental approval. As of February 7, 2018, the transaction is approved by National Development and Reform Commission. Daimler Greater China Ltd. completed the acquisition of 3.93% stake in Beijing Electric Vehicle Co., Ltd. from Shenzhen Jinggangshan New Energy Investment Management Co., Ltd. on March 8, 2018.