Tianjin Guangyu Development Co., Ltd. (SZSE:000537) agreed to acquire 34.5% stake in Chongqing Luneng Development (Group) Co., Ltd., 65% stake in Yibin Luneng Development (Group) Co., Ltd., 100% stake in Shandong Luneng Genfu Exploli Co., Ltd. and 100% stake in Beijing Shunyi Xincheng Construction and Development Co., Ltd. from Luneng Group Co., Ltd. for CNY 11.4 billion on May 24, 2016. Tianjin Guangyu Development Co. will issue 1.25 billion shares as the consideration at CNY 6.81 per share. As on October 20, 2016, Tianjin Guangyu Development Co., Ltd. adjusted the number of shares to be issued as consideration to 1.29 billion. As of July 31, 2017, Tianjin Guangyu Development Co., Ltd. adjusted its issue price pursuant to which the number of shares to be issued as consideration was adjusted to 1.31 billion. The transaction is subject to the approval from State-owned Assets Supervision and Administration Commission of the State Council, Tianjin Guangyu Development Co's shareholders' and Board of Directors' approval, Ministry of Commerce of the People’s Republic of China and China Securities Regulatory Commission. On May 24, 2016, general manager’s meeting of Luneng Group Co., Ltd. approved the transaction. On July 5, 2016, Tianjin Guangyu Development Co.'s 36th session of the 8th directorate reviewed and approved the transaction. As on October 12, 2016, the Ministry of Commerce of the People's Republic of China Anti-monopoly Bureau approved the transaction. On November 22, 2016, the State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. On December 1, 2016, the shareholders of Tianjin Guangyu Development Co., Ltd. approved the transaction. On September 25, 2017, China Securities Regulatory Commission approved the transaction. CITIC Securities Company Limited (SHSE:600030) and Changjiang Financing Services Company Limited acted as financial advisors, An Xin Law Firm acted as legal advisor and Ruihua Certified Public Accountants, LLP acted as accountant for Tianjin Guangyu Development Co.