Ningbo Kaiming Innovation Technology Co., Ltd. signed an agreement to acquire Zhejiang Betta Pharmaceutical Technology Co., Ltd. from Betta Pharmaceuticals Co., Ltd. (SZSE:300558) for approximately CNY 250 million on June 14, 2020. Ningbo Kaiming Innovation Technology shall pay 30% of the target equity transfer price within 30 days from the date of the agreement become effective and 70% of the equity transfer price within three months from the delivery date. Zhejiang Betta Pharmaceutical reported total revenue of CNY 20.97 million, total assets of CNY 612.7 million, operating loss of CNY 51.3 million, net loss of CNY 52.7 million and net liability of CNY 13.3 million for the year ending, December 31, 2019. The transaction is subject to approval of the shareholders of Betta Pharmaceuticals and has been approved by Board of Betta Pharmaceuticals. Ningbo Kaiming Innovation Technology Co., Ltd. completed the acquisition of Zhejiang Betta Pharmaceutical Technology Co., Ltd. from Betta Pharmaceuticals Co., Ltd. (SZSE:300558) on August 21, 2020. As of August 21, 2020, Betta Pharmaceuticals received payment of CNY 75.4 million and remaining CNY 176 million to be received in next three months. Ningbo Kaiming Innovation Technology Co., Ltd. become the sole shareholder of Zhejiang Betta Pharmaceutical Technology Co., Ltd.