China Hi-Tech Group Co., Ltd. (SHSE:600730) agreed to acquire 51% stake in Guangxi Yingteng Education Technology Co., Ltd from a group of sellers for approximately CNY 110 million on June 29, 2017. China Hi-Tech Group Co., Ltd. (SHSE:600730) signed an agreement to acquire 51% stake in Guangxi Yingteng Education Technology Co., Ltd from a group of sellers for approximately CNY 110 million in December, 2017. The transaction will be completed in two tranches, acquisition of 36.91% stake (7.75 million shares) and for 14.09% stake (2.95 million shares). Under the terms of the transaction, 70% of the consideration is paid upfront. As of December 15, 2018, remaining 30% of the consideration of first acquisition was paid. The deal is to be funded from internal resources. For the period ending December 31, 2016, Guangxi Yingteng Education Technology Co., Ltd reported revenues of CNY 22.64 million and net profit of CNY 6.42 million. As of December 31, 2016, Guangxi Yingteng Education Technology Co., Ltd reported total assets of CNY 34.88 million and net assets of CNY 30.76 million The Board of Directors of China Hi-Tech Group Co., Ltd. approved the deal. The transaction for 36.91% was complsated in December. On December 15, 2017, The first acquisition of 36.91% stake was completed. China Hi-Tech Group Co., Ltd. (SHSE:600730) completed the acquisition of 51% stake in Guangxi Yingteng Education Technology Co., Ltd from a group of sellers on January 6, 2018. The transaction for remaining 14.09% stake is completed on the same day. 70% of the consideration is paid and the remaining 30% will be paid later.