Chongqing Brewery Co., Ltd. (SHSE:600132) agreed to acquire 48.58% stake in Chongqing Jianiang Brewery Co., Ltd. for approximately CNY 640 million on June 19, 2020. The deal value is payable in cash. As part of the transaction, payment of the consideration shall be made within five business days from the date when the competent market supervision bureau completes the registration procedures for the corresponding Chongqing Jianiang equity transfer. In a related deal, Chongqing Jianiang Brewery and Guangzhou Carlsberg Consultancy and Management Co., Ltd. will carry out Chongqing Jianiang Brewery Co., Ltd.’s capital increase according to stake, wherein Chongqing Brewery will use cash and assets and Guangzhou Carlsberg Consultancy and Management Co., Ltd. will use assets, and after the capital increase, Chongqing Brewery will hold not less than 51.42% and Guangzhou Carlsberg Consultancy and Management Co., Ltd. will hold not more than 48.58% stake. Also, Carlsberg Breweries A/S will transfer Xinjiang Wusu Brewery Co., Ltd.’s 100% stake and Ningxia Xixia Jianiang Brewery Co., Ltd.’s 70% stake to Chongqing Jianiang Brewery Co., Ltd. for cash. For the year ending December 31, 2019, Chongqing Jianiang Brewery reported total assets of CNY 1.3 billion, net assets of CNY 152.7 million, revenue of CNY 1.1 billion, operating profit of CNY 168.2 million and net profit of CNY 151.9 million. The deal is subject to approval of Board of Directors and shareholders of Chongqing Brewery and other conditions. The deal has been approved by the Directors of Chongqing Brewery. As of September 12, 2020 shareholders of Chongqing Brewery Co., Ltd. approved the transaction. Chongqing Brewery Co., Ltd. (SHSE:600132) completed the acquisition of 48.58% stake in Chongqing Jianiang Brewery Co., Ltd. on December 9, 2020.