Beijing Sinnet Technology Co., Ltd (SZSE:300383) agreed to acquire Beijing WuShuang Technology Inc. from Shi Kan and Feng Tianfang, Zhao Yudi and SuperAnG Holdings Ltd. for approximately CNY 500 million on September 16, 2015. Beijing Sinnet Technology Co., Ltd is issuing 4.94 million shares at CNY 49.27 per share and paying CNY 25.2 million in cash. As of October 20, 2015, Beijing Sinnet Technology Co., Ltd is issuing 9.89 million shares at CNY 24.61 per share and paying approximately CNY 240 million in cash. Shares will be issued toward not more than 5 specific investors to raise supporting funds of not more than CNY 2.9 billion to finance the transaction. As of October 22, 2015, Beijing Sinnet Technology announced a private placement of shares for gross proceeds of CNY 2.91 billion, funds from the placement will be utilized to fund the acquisition.

For the period ending December 31, 2014, Beijing WuShuang Technology Inc. reported total assets of CNY 90.93 million, total liabilities of CNY 106.31 million, net liabilities of CNY 15.38 million, revenues of CNY 214.89 million and net loss of CNY 3.56 million. Board of Directors of Beijing Sinnet Technology co., Ltd. approved the transaction on September 16, 2015. This transaction still needs the approval of Beijing Sinnet Technology co., Ltd.'s shareholders meeting and the approval of the China Securities Regulatory Commission. On September 16, 2015, WuShuang's shareholders approved the deal. On November 6, 2015, Beijing Sinnet Technology's shareholders approved the acquisition plan and relevant plans in the 4th extraordinary general meeting of 2015. On February 2, 2016, approval document from China Securities Regulatory Commission was received. Southwest Securities Co., Ltd. acted as financial advisor to Beijing Sinnet Technology co., Ltd. Jiayuan Law Firm acted as the legal advisor to Beijing Sinnet Technology co., Ltd. Zhongxinghua Certified Public Accountants LLP acted as the accountant for Beijing Sinnet Technology co., Ltd.

Beijing Sinnet Technology Co., Ltd (SZSE:300383) completed the acquisition of Beijing WuShuang Technology Inc. from Shi Kan and Feng Tianfang, Zhao Yudi and SuperAnG Holdings Ltd. on March 16, 2016.