China Zhonghua Geotechnical Engineering Co., Ltd. (SZSE:002542) signed conditionally effective agreement to acquire remaining 49% stake in Zhejiang Zhongqing International Aviation Club Co., Ltd. from Wang Qiliang for CNY 70 million on May 10, 2016. China Zhonghua will issue 8.54 million shares as consideration. In a related transaction China Zhonghua Geotechnical Engineering Co., Ltd. agreed to acquire Shanghai LiXing Construction Engineering Development Co., Ltd. for CNY 300 million and Beijing Idea Latitude Urban Planning Institute Co., Ltd. for CNY 110 million. Zhejiang Zhongqing International Aviation Club reported total assets of CNY 147.63 million, net assets of CNY 77.86 million, revenue of CNY 0, operating loss of CNY 0.69 million and net loss of CNY 0.69 million as of December 31, 2015. The deal is subject to second approval of the Board of China Zhonghua Geotechnical Engineering after the assets’ audit and assessment work are completed, China Zhonghua Geotechnical Engineering’s shareholders’ approval, CSRC’s approval and other necessary approvals and approval by shareholders of Zhejiang Zhongqing International Aviation Club Co., Ltd. The deal was approved by the Board of China Zhonghua Geotechnical Engineering and shareholders of Zhejiang Zhongqing International Aviation Club Co., Ltd. on May 10, 2016. The transaction was approved by CSRC on November 2, 2016. Haitong Securities Co., Ltd. acted as financial advisor and Thornton Certified Public Accountants acted as accountant for China Zhonghua Geotechnical Engineering Co., Ltd.