Baytacare Pharmaceutical Co., Ltd. (SEHK:8197) entered into an agreement to acquire 70% stake in Hubei Taofuan Electronics Commerce Co., Ltd. from Taofuan Holdings Co., Ltd. for CNY 1.5 million on May 31, 2019. Under the terms of the transaction, CNY 0.5 million will be paid in cash upon completion, CNY 0.5 million shall be payable in cash on or prior to September 30, 2019 which will be conditional upon completion having taken place, and CNY 0.5 million shall be payable in cash on or prior to December 31, 2019 which will be conditional upon completion having taken place. Hubei Taofuan Electronics Commerce had total assets of CNY 3.03 million, net assets of CNY 0.86 million and net profit of CNY 0.07 million. On completion, Baytacare Pharmaceutical will own 70% stake in Hubei Taofuan Electronics Commerce. Transaction is subject to Taofuan Holdings obtaining all necessary consents and authorizations required under any existing contractual arrangement or document to implement the agreement and Taofuan Holdings obtaining all authorizations, consents and approvals that Baytacare Pharmaceutical reasonably considers necessary or required to be obtained from the government or regulatory authorities, agencies or organizations to carry out the transaction. Transaction is expected to close on or prior to July 31, 2019. Baytacare Pharmaceutical Co., Ltd. completed the acquistion of 70% stake in Hubei Taofuan Electronics Commerce Co., Ltd. from Taofuan Holdings Co., Ltd. on June 21, 2019.