Bloomage BioTechnology Corporation Limited (SHSE:688363) signed an equity transfer agreement to acquire Dongying Fusite Biological Engineering Co., Ltd. from Eastar Holdings Group CO.,LTD and Zhang Zhenwu for CNY 290 million on June 10, 2020. Under the terms, Bloomage BioTechnology will pay CNY 20 million as first installment, CNY 125 million as second installment and CNY 145 million as third installment subject to certain conditions of reorganization agreement being fulfilled. Third installment will be paid by 335th day after Dongying Intermediate court approval. Transaction is subject to Dongying Intermediate Court approval and signing of Investment Reorganization agreement. This transaction does not need to be submitted to the shareholders' general meeting for consideration and has been reviewed and approved at the fifteenth meeting of the first Board of directors of Bloomage BioTechnology Corporation Limited. Bloomage BioTechnology Corporation Limited (SHSE:688363) completed the acquisition of Dongying Fusite Biological Engineering Co., Ltd. from Eastar Holdings Group CO.,LTD and Zhang Zhenwu on September 18, 2020. As of September 29, 2020, the prerequisites for the second investment payment have been fulfilled. According to the reorganization investment agreement, the company will pay the second investment to the manager within 15 days after the parties to the agreement confirm the above matters in writing. The remaining third payment amount will be paid on the 335th day after the Dongying Intermediate People's Court ruled and approved the draft reorganization plan, provided that no major adverse changes have occurred. In 2019, Dongying Fusite Biological generated audited revenues as approximately CNY 67 million and audited net loss of CNY 37.5 million. Grant Thornton China acted as auditor to Bloomage BioTechnology Corporation Limited.