Shenzhen Chengtun Group Co., Ltd. entered into an equity transfer agreement to acquire 8.1% stake in Guangdong Weihua Corporation from Li Jianhua for approximately CNY 490 million.

Shenzhen Chengtun Group Co., Ltd. entered into an equity transfer agreement to acquire 8.1% stake in Guangdong Weihua Corporation (SZSE:002240) from Li Jianhua for approximately CNY 490 million on June 17, 2016. Shenzhen Chengtun shall purchase 40 million shares of Guangdong Weihua four CNY 12.32 each. 17.89 million shares being purchased are unrestricted tradable shares and other 22.11 million shares are restricted tradable shares. As a result of transaction, Li Jianhua will hold 75.48 million shares of Guangdong Weihua Corporation, representing 15.37% stake.