Beijing Aerospace Changfeng Co., Ltd (SHSE:600855) signed an intention agreement to acquire Aerospace Changfeng Chaoyang Power Supply Co., Ltd. from Chao Yang Power Supply Co., Ltd. and China Aerospace Science and Industry Fangyu Technology Research Institute on March 25, 2019. Beijing Aerospace Changfeng Co., Ltd signed an agreement to acquire Aerospace Changfeng Chaoyang Power Supply Co., Ltd. from Chao Yang Power Supply Co., Ltd. and China Aerospace Science and Industry Fangyu Technology Research Institute for CNY 1.5 billion on April 8, 2019. Under the terms, Beijing Aerospace Changfeng will issue 87.11 million shares as consideration shares in which 44.45 million and 42.67 million shares issued to China Aerospace Science and Industry Fangyu Technology Research Institute and Chao Yang Power Supply Co., Ltd. respectively. As of July 8, 2019, Beijing Aerospace Changfeng Co., Ltd signed an agreement to acquire Aerospace Changfeng Chaoyang Power Supply Co., Ltd. from Chao Yang Power Supply Co., Ltd. and China Aerospace Science and Industry Fangyu Technology Research Institute for CNY 1.3 billion. Beijing Aerospace Changfeng Co., Ltd will issue 87.69 million shares as consideration shares in which 44.74 million and 42.95 million shares issued to China Aerospace Science and Industry Fangyu Technology Research Institute Chao Yang Power Supply Co., Ltd. respectively. Under the transaction, Chao Yang Power Supply Co., Ltd. will sell 48.98% stake and China Aerospace Science and Industry Fangyu Technology Research Institute will sell 51.02% stake. The deal is subject to approval or authorization required for the transaction following State-owned Assets Supervision and Administration Commission of the State Council shall file a record of the assets assessment report of the transaction; Beijing Aerospace Changfeng once again convened the board of directors to review the transaction plan; State-owned Assets Supervision and Administration Commission of the State Council approved the transaction plan; the Ministry of Finance approves the Defense Institute to subscribe for the shares of Aerospace Changfeng with the underlying assets; the Chao Yang Power Supply Co., Ltd. shareholders' meeting will review and approve the transaction plan; the shareholders' meeting of the Beijing Aerospace Changfeng reviewed and approved the transaction plan; the China Securities Regulatory Commission approved the transaction plan and other approvals or approvals that may be involved. The transaction has been approved by the Board of Directors of Beijing Aerospace Changfeng at 32nd meeting of the 10th directorate; approved by the State-owned Assets Supervision and Administration Commission of the State Council for preliminary approval and transaction has been reviewed by the internal decision-making of the China Aerospace Science and Industry Fangyu Technology Research Institute. As of July 8, 2019, transaction is also subject to approval from Ministry of Finance of People's Republic of China. As of August 25, 2019, shareholders of Chao Yang Power Supply Co., Ltd. has approved the transaction. As of November 1, 2019, Ministry of Finance approved the transaction. As of November 25, 2019 the transaction is reviewed by the national Defence Science and Technology Bureau. China Securities Regulatory Commission approval is pending. As of December 14, 2019, China Securities Regulatory Commission approved the transaction. Chi Huitao, Zhang Xiao, Wang Kang, Mao Ning and Wang Gehang of Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as financial advisors to Beijing Aerospace Changfeng Co., Ltd while Tan Qing and Lei Jun of Tian Yuan Law Firm and Zhang Chongliang and Ni Yunqing of Ruihua Certified Public Accountants, LLP acted as legal advisors and accountant to Beijing Aerospace Changfeng Co., Ltd respectively. Beijing Aerospace Changfeng Co., Ltd (SHSE:600855) completed the acquisition of Aerospace Changfeng Chaoyang Power Supply Co., Ltd. from Chao Yang Power Supply Co., Ltd. and China Aerospace Science and Industry Fangyu Technology Research Institute on December 17, 2019.