Beijing Xiangeqing Co., Ltd. (SZSE:002306) agreed to acquire Longdehua Restaurant Management Co., Ltd. for CNY 80 million on July 6, 2012. Beijing Xiangeqing will use proprietary funds to settle to consideration. Longdehua Restaurant Management reported total assets of CNY 27.18 million, net assets of CNY 12.66, operating revenues of CNY 70.34 million and net profit of CNY 10.43 million in 2011.