Baiyin Nonferrous Group Co., Ltd. (SHSE:601212) agreed to acquire a 29.6% stake in Gold One Group Limited from China-Africa Development Fund for CNY 2.2 billion on October 30, 2017. Baiyin Nonferrous Group Co., Ltd signed an agreement with China-Africa Development Fund on November 22, 2017. Baiyin Nonferrous Group will pay CNY 724.91 million in cash and CNY 1.47 billion in shares. Baiyin Nonferrous Group Co., Ltd. will issue 181.93 million shares as consideration at an issue price of CNY 8.09 per share. Baiyin Nonferrous Group will raise up to CNY 756 million in share private placement to fund the acquisition. On January 9, 2018, a supplemental agreement was signed and terms of the transaction were amended. Baiyin Nonferrous Group Co., Ltd. will now pay CNY 725.1 million in cash and will issue 181.97 million shares as consideration. On February 12, 2018, the terms of the transaction were revised. Baiyin Nonferrous Group Co., Ltd. will now pay CNY 725.1 million in cash and issue 238.98 million shares as consideration. Gold One Group Limited reported total assets of CNY 4.7 billion and total equity of CNY 2.2 billion as at December 31, 2016. Gold One Group Limited reported revenues of CNY 1.1 billion, operating profit of CNY 555.3 million and net profit of CNY 464.3 million for the year ended December 31, 2016. The transaction is subject to formal approval from the State-owned Assets Supervision and Administration Commission authorities, filing with National Development and Reform Commission and the Ministry of Commerce, approval from Baiyin Nonferrous Group’s shareholders, approval from the China Securities Regulatory Commission (CSRC), approval by Baiyin Nonferrous Group’s directorate after the issuance of the restructuring report and African anti-monopoly review, if applicable. As of October 30, 2017, the Board of Baiyin Nonferrous Group approved the transaction in its 19th session of the 3rd Directorate meeting. As of October 31, 2017, the transaction was approved through the internal decision-making procedures of China-Africa Development Fund and by the State-owned Assets Supervision and Administration Commission of Gansu Province in principle. The transaction does not need approval from the South Africa Anti-Monopoly Commission. As of January 22, 2018, the transaction and the issuance of shares as consideration was approved by the State-owned Assets Supervision and Administration Commission of Gansu Province. As of January 26, 2018, the transaction was approved by the shareholders of Baiyin Nonferrous Group. On March 5, 2018, the amendment to the transaction was approved by the shareholders of Baiyin Nonferrous Group. As on May 10, 2018, the M&A Assessment Committee of CSRC unconditionally approved the transaction. As of May 29, 2018, the transaction received the approval from National Development and Reform Commission. Wang Changqing, Cui Denghui, Tao Qiang, Li Bei Li, Li Zhongsheng, Cao Siyu, Hao Xiang Feng, and Teng Denghui of Huaxia Securities Co., Ltd. acted as financial advisors, Wang Juan, Wang Han Qi, and Chen Ying of Beijing Dacheng Law Firm acted as legal advisors, Lu Jiang, Li Jin, and Zhang Nianjun of Beijing Yongtuo Certified Public Accountants Co., Ltd. acted as accountants to Baiyin Nonferrous Group Co., Ltd. and Sun Jianmin, Wang Zhanfeng, and Hong Ruoyu of Pan-China Assets Appraisal Co., Ltd. acted as assessment agents. Baiyin Nonferrous Group Co., Ltd. (SHSE:601212) completed the acquisition of Gold One Group Limited from China-Africa Development Fund on March 15, 2019. Baiyin Nonferrous Group Co., Ltd. will issue 239.36 million shares as a part of consideration for the entire equity stake of Gold One Group Limited.