Pizhou Economic Development Zone Jingfa Construction Co., Ltd. agreed to acquire 28.4% stake in Chunghsin Technology Group Co., Ltd (SHSE:603996) from Chunghsin Industry Group Co Ltd for approximately CNY 880 million on July 30, 2019. Pizhou Economic Development Zone Jingfa Construction Co., Ltd. entered into an share transfer supplemental agreement to acquire Chunghsin Technology Group Co., Ltd from Chunghsin Industry Group CO., Ltd on September 5, 2019. Pizhou Economic Development Zone Jingfa Construction Co., Ltd. will acquire 85.36 million shares at CNY 10.327 per share of Chunghsin Technology Group Co., Ltd. The transaction is subject to regulatory approval. Pizhou Economic Development Zone Jingfa Construction Co., Ltd. cancelled the acquisition of 28.4% stake in Chunghsin Technology Group Co., Ltd (SHSE:603996) from Chunghsin Industry Group Co Ltd on March 27, 2020. As on March 27, 2020, Chunghsin Technology received a notice from Pizhou Economic Development Zone Jingfa Construction, stating that Pizhou Economic Development Zone Jingfa Construction's agreement to acquire Chunghsin Technology's shares has not been approved by the relevant competent authority since the deal did not meet one of the entry into force conditions of having the competent authority approve the transaction, thus, the agreement will be terminated.