China Tian Yuan Healthcare Group Limited (SEHK:557) entered into the sale and purchase agreement to acquire Shanghai Rifu Industrial Limited from Ruan Fei for CNY 30 million on December 31, 2019. As per terms, consideration will be paid on the completion date by the internal resources of China Tian Yuan Healthcare Group Limited. Upon completion, Shanghai Rifu Industrial Limited will become an wholly-owned subsidiary of China Tian Yuan Healthcare Group Limited. As of September 30, 2019, Shanghai Rifu Industrial Limited reported total assets of CNY 17.1 million and net liabilities of CNY 21.8 million. The transaction is subject to China Tian Yuan Healthcare Group Limited being satisfied with the result of the legal and financial due diligence investigation, approval from National Health Commission of the People’s Republic of China, relevant competent commercial and business administration authorities of the parties. The completion shall take place on the fifth business day after the day on which all of the conditions precedent to the agreement having been fulfilled. China Tian Yuan Healthcare Group Limited (SEHK:557) cancelled the acquisition of Shanghai Rifu Industrial Limited from Ruan Fei on December 31, 2020.