Beijing Sinnet Technology co., Ltd. (SZSE:300383) agreed to acquire remaining 85% stake in Beijing Kexin Shengcai Cloud Computing Co., Ltd. from Gongqingcheng Yunchuang Investment Management Partnership (Limited Partnership), Gongqingcheng Guochuang Investment Management Partnership Enterprise (Limited Partnership), Jin Fushen and another shareholder for CNY 1.1 billion on January 31, 2018. As part of consideration, Beijing Sinnet Technology co., Ltd. will pay CNY 566.8 million in cash and will issue 48 million shares for CNY 12.06 each. Gongqingcheng Yunchuang Investment, Jin Fushen, Gongqingcheng Guochuang Investment Management and the other shareholder will sell 15%, 24.5%, 9.5% and 36% stake in Beijing Kexin Shengcai for CNY 202.5 million, CNY 330.75 million, CNY 128.25 million and CNY 486 million respectively. Beijing Sinnet Technology co., Ltd. (SZSE:300383) agreed to acquire remaining 85% stake in Beijing Kexin Shengcai Cloud Computing Co., Ltd. from Gongqingcheng Yunchuang Investment Management Partnership (Limited Partnership), Gongqingcheng Guochuang Investment Management Partnership Enterprise (Limited Partnership), Jin Fushen and another shareholder for CNY 1.3 billion as per amendment report on July 30, 2018. Under the revised terms, Beijing Sinnet Technology Co., Ltd will issue 10.11 million shares to Gongqingcheng Yunchuang Investment Management Partnership (Limited Partnership), 27.5 million shares to Jin Fushen and 10.65 million shares to Gongqingcheng Guochuang Investment Management Partnership Enterprise (Limited Partnership). Upon completion, Beijing Sinnet Technology co., Ltd. will own 100% stake in Beijing Kexin Shengcai Cloud Computing Co., Ltd. Beijing Sinnet Technology co., Ltd. will issue shares to not more than 5 specific investors to raise supporting funds of not more than CNY 580.75 million. The proceeds from the share subscription will be used for payment of the transaction's cash consideration. Beijing Kexin Shengcai Cloud Computing Co., Ltd. reported total revenues of CNY 80.8 million and operating profit of CNY 23 million for the year ending December 31, 2017. As of December 31, 2017, Beijing Kexin Shengcai Cloud Computing Co., Ltd. reported total assets of CNY 773.7 million and net assets of CNY 252.1 million. The transaction is still subject to approvals from shareholders of Beijing Sinnet Technology co., Ltd., China Securities Regulatory Commission and approval from another directorate for the transaction’s formal plan. The Board of Beijing Sinnet Technology co., Ltd. approved the transaction in the 2nd session of its 3rd Directorate for 2018. On March 27, 2018, the transaction was approved by the 4th session of 3rd Directorate for 2018 of Beijing Sinnet Technology co., Ltd. On June 27, 2018, the Merger, Acquisition, and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission approved the acquisition. The transaction has been approved by the China Securities Regulatory Commission in writing on July 30, 2018. ZTF Securities Co., Ltd. acted as the independent financial advisor and Jiayuan Law acted as legal advisor for Beijing Sinnet Technology co., Ltd. Zhongxinghua Certified Public Accountants LLP acted as accountant to Beijing Sinnet Technology co., Ltd. and Beijing Kexin Shengcai Cloud Computing Co., Ltd. Beijing Sinnet Technology co., Ltd. (SZSE:300383) completed the acquisition of remaining 85% stake in Beijing Kexin Shengcai Cloud Computing Co., Ltd. from Gongqingcheng Yunchuang Investment Management Partnership (Limited Partnership), Gongqingcheng Guochuang Investment Management Partnership Enterprise (Limited Partnership), Jin Fushen and another shareholder on August 8, 2018. Beijing Kexin Shengcai Cloud Computing Co., Ltd. became a wholly-owned subsidiary of Beijing Sinnet Technology co., Ltd. On August 1, 2018, the Administration for Industry and Commerce of Beijing City Economic and Technology Development Area branch approved Beijing Kexin Shengcai Cloud Computing Co., Ltd.’s change in shareholder matter and issued the business license post changes. All the transfer procedures and relevant change in business registration for the 85% stake in Beijing Kexin Shengcai Cloud Computing Co., Ltd. were completed.