China Film Co., Ltd. (SHSE:600977) agreed to acquire 70% stake in Dalian Huachen Film Group Co., Ltd. from Yang Youcheng and 12 other individuals for approximately CNY 550 million on October 13, 2016. As on December 31, 2015, Dalian Huachen Film Group Co., Ltd. recorded total assets of CNY 442.09 million, net assets of CNY 327.7 million, revenues of CNY 241 million, and net profit of CNY 69.24 million. The transaction has been approved by Board of China Film Co., Ltd. The transaction does not require approval from the shareholders of China Film.