New Hope Dairy Co., Ltd. (SZSE:002946) agreed to acquire 5.2% stake in China Modern Dairy Holdings Ltd. (SEHK:1117) from five shareholders on August 5, 2019. New Hope Dairy Co., Ltd. signed an agreement to acquire 5.2% stake in China Modern Dairy Holdings Ltd. from five shareholders on August 6, 2019. New Hope Dairy Co., Ltd. will use own funds of CNY 709 million to subscribe and purchase 276 million shares and 319 million shares respectively. New Hope Dairy Co., Ltd. is communicating with overseas banks on the financing matter for the subscription and purchase of China Modern Dairy Holdings Ltd., all work is progressing in an orderly manner. New Hope Dairy Co., Ltd. will hold 9.28% stake after completion of transaction and subscription. 1st extraordinary general shareholders' meeting of 2019 of New Hope Dairy Co., Ltd. approved the transaction on August 5, 2019. New Hope Dairy Co., Ltd. recently obtained the “Enterprise overseas investment certificate” from Sichuan Provincial Department of Commerce and the “Overseas investment project filing record notice” from Sichuan Provincial Development and Reform Commission. Ruth Lau, Liu Feng and Gary Lock of King & Wood Mallesons acted as legal advisor to New Hope Dairy.

New Hope Dairy Co., Ltd. (SZSE:002946) completed the acquisition of 5.2% stake in China Modern Dairy Holdings Ltd. (SEHK:1117) from five shareholders on September 20, 2019.