Changchun Yidong Clutch Co.,Ltd (SHSE:600148) agreed to acquire Shandong Pengxiang Auto Co., Ltd. from a group of sellers for approximately CNY 310 million on June 12, 2018. CNGC Jilin Dongguang Group Corporation will be paid 10% in cash and 90% through shares for its 41% stake, Leiyan Investment Co., Ltd. and FAW Asset Management Co., Ltd. will be paid in shares for their 18% and 26% stake and Gong Meizhu and other 24 Shandong Pengxiang's shareholders will be paid entirely in cash for their 15% stake. Therefore consideration will comprise of 19.1% of cash portion and 80.9% of stock portion. Share portion will be settled by issuance of Class A shares. In a related transaction, Changchun Yidong will acquire China Dahua Machinery Manufacturing Co., Ltd. Cash portion of the deal will be financed from CNY 109.53 million that will be raised through private placement. After the transaction is completed, Shandong Pengxiang will become wholly-owned subsidiary of Changchun Yidong. As of November 14, 2018, the terms of the transaction were amended. Changchun Yidong Clutch will now pay CNY 331.4 million as consideration. As of January 15, 2019, Changchun Yidong held the 1st extraordinary meeting of 2019 of the 7th directorate, and approved adjusting the issue price of the acquisition of assets through the issuance of shares and cash to CNY 13.54 per share, and will issue 60.1 million shares. The cash consideration will be financed by a private placement of CNY 581.58 million. The transaction is subject to approval from State-owned Assets Supervision and Administration Commission of the State Council and the China Securities Regulatory Commission. 2nd meeting of the 7th directorate of Changchun Yidong Clutch approved the private placement of shares and payment in cash and shares for the transaction. As of November 14, 2018, the transaction has been approved by the the General Manager of the Chinese Armaments Office, internal decision-making body of the counterparty and the matching financing subscriber, internal decision-making body of Changchun Yidong Clutch Co.,Ltd, in principle by the State-owned Assets Supervision and Administration Commission of the State Council, third meeting of the seventh board of directors of Changchun Yidong Clutch Co.,Ltd. Yang Dehong, Ren Feng, Peng Kai, Huang Anzong, Huang Peng, and Zuo Jia of Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as financial advisors, Qiao Jiaping, Wang Huapeng, and Li He of Beijing Kang Da Law Firm acted as legal advisors, Liu Guibin, Qin Zhiyuan, and Xue Zhenqin of Ruihua Certified Public Accountants, LLP acted as accountants, and Sun Jianmin, Zhuang Tunheng, Wang Yongtao, and Hong Songtao of Beijing Tianjian Xingye Assets Appraisal Co., Ltd. acted as evaluation agency to Changchun Yidong Clutch Co.,Ltd Changchun Yidong Clutch Co.,Ltd (SHSE:600148) cancelled the acquisition of Shandong Pengxiang Auto Co., Ltd. from a group of sellers on April 22, 2019.