Cnlight Co.,Ltd (SZSE:002076) signed an asset acquisition agreement to acquire Shenzhen Zhuoyu Automation Technology Co., Ltd. from He Li, Huang Zhiguo, Huang Hairong and Yu Bo for CNY 300 million on September 12, 2017. As part of the agreement, 35% of the consideration will be paid in cash and 65% will be paid in shares. Cnlight will issue a total of 31.97 million shares for CNY 6.1 per share. As consideration, Cnlight will pay CNY 49.4 million in cash and issue 15 million shares to He Li, CNY 28.4 million in cash and issue 8.6 million shares to Huang Zhiguo, CNY 21 million in cash and issue 6.4 million shares to Huang Hairong and CNY 6.3 million in cash and issue 1.9 million shares to Yu Bo. Cnlight will raise supporting funds of not more than CNY 78 million to pay the cash consideration in the transaction. For the year 2016, Shenzhen Zhuoyu Automation Technology had revenues of CNY 34.8 million, operating profit of CNY 4.3 million and net profit of CNY 4.2 million. As of December 31, 2016, Shenzhen Zhuoyu Automation Technology had total assets of CNY 53.4 million. The transaction is subject to approval from the Board of Cnlight, approvals from shareholders of Cnlight and Shenzhen Zhuoyu Automation Technology and approval from China Securities Regulatory Commission. As of September 12, 2017, the transaction is approved by the Directorate of Cnlight and shareholders of Shenzhen Zhuoyu Automation Technology. The acquisition of assets through the issuance of shares and cash and raising of supporting funds has been approved by the Board of Directors of Cnlight Co., Ltd. during the 10th meeting of the 5th Directorate on October 11, 2017 and on December 6, 2017. The transaction has been approved by the shareholders of Cnlight Co., Ltd. in the 5th extraordinary shareholders meeting of 2017 held on October 30, 2017. As of December 28, 2017, Cnlight received regulatory approval for the transaction. On December 28, 2017, Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission, the company’s acquisition of asset through shares issuance and cash payment obtained unconditional approval. On January 21, 2018, China Securities Regulatory Commission issued administrative license granting approval to the Cnlight Co.,Ltd`s issuance of shares toward He Li and others to acquire assets and raising of supporting funds. Ping An Securities Company Ltd. acted as the independent financial advisor, Grandway Law Offices acted as legal advisor and Moore Stephens Da Hua acted as auditor for Cnlight Co.,Ltd.