Hubei Yangfeng Co., Ltd signed an agreement to acquire 2.96% stake in Bank of Qinghai Co., Ltd from Dalian Daxian Enterprises Holdings Co.,Ltd. (SHSE:600747) for approximately CNY 160 million on July 1, 2015. Hubei Yangfeng will acquire 55 million shares of Bank of Qinghai. Bank of Qinghai Co., Ltd reported total assets of CNY 53.33 billion, total liabilities of CNY 48.25 billion, net assets of CNY 5.08 billion, revenues of CNY 3.24 billion and net profit of CNY 959.6 million in 2014. The transaction was approved by Board of Dalian Daxian Enterprises on July 1, 2015. Hubei Yangfeng Co., Ltd cancelled the acquisition of 2.96% stake in Bank of Qinghai Co., Ltd from Dalian Daxian Enterprises Holdings Co.,Ltd. (SHSE:600747) on July 1, 2016.