China CSSC Holdings Limited (SHSE:600150) agreed to acquire 29.82% in Jiangnan Shipyard (Group) Co., Ltd. from a group of shareholders on April 4, 2019. The consideration comprises 100% stake in Hudong Heavy Machinery Co., Ltd. On August 14, 2019, the deal terms revised. China CSSC Holdings Limited will now acquire 100% in Jiangnan Shipyard (Group) Co., Ltd. for CNY 22 billion. The consideration will now comprise issuance of shares of China CSSC Holdings Limited. As of December 25, 2019, it was disclosed that China CSSC Holdings will now pay CNY 23.3 billion through the issuance of its shares for 100% acquisition of Jiangnan Shipyard. For the year ended December 31, 2018, Jiangnan Shipyard (Group) Co., Ltd. has total assets of CNY 48.3 billion, revenue of CNY 17.9 billion and operating loss of CNY 37.1 million. Transaction is subject to approval from the internal decision-making institutions, Board of Directors of China CSSC Holdings Limited, the State-owned Assets Supervision and Administration Department, the State Administration of Science, Technology, Anti-Monopoly Bureau of the State Administration of Markets and the Central Bank and Industry for National Defense, shareholders of China CSSC Holdings Limited and CSRC. Transaction has obtained China State Shipbuilding Corporation Limited’s agreement in principle. On April 4, 2019, Board of China CSSC Holdings Limited and approved the transaction. The revised plan is also approved by the Board of Directors. SASC and National Defense Science and Technology Bureau have approved the plan as of August 15, 2019. On October 25, 2019, the transaction is approved by shareholders of China CSSC Holdings Limited. As of February 25, 2020, the transaction was approved by the China Securities Regulatory Commission. As of February 25, 2020, the transaction obtained the approval from State Administration of Science, Technology and Industry for National Defence, State-owned Assets Supervision and Administration Commission of the State Council and CSRC. CITIC Securities Co., Ltd. acted as financial adviser and Shanghai Jintiancheng Law Firm and AllBright Law Offices acted as legal advisers for China CSSC Holdings Limited. Wuyige Certified Public Accountants LLP(Special General Partnership) acted as accountant for China CSSC Holdings Limited in the transaction.