Dalian Friendship (Group) Co., Ltd. (SZSE:000679) agreed to acquire 30% stake in Wuhan Credit Microfinance Co., Ltd. from Wuhan Nonferrous Metals Investment Co., Ltd. for approximately CNY 580 million on September 11, 2017. Wuhan Nonferrous Metals Investment currently holds 38.87% stake in Wuhan Credit Microfinance. As of December 31, 2016, Wuhan Credit Microfinance reported total assets of CNY 1.9 billion and total equity of CNY 1.8 billion. For the year ending December 31, 2016, Wuhan Credit Microfinance reported revenue of CNY 282.7 million, operating profit of CNY 267.4 million and net profit of CNY 200.5 million. The transaction is subject to approval from the shareholders and from Wuhan Municipal Bureau of Financial Work. The transaction has been approved by the Board of Directors of Dalian Friendship (Group)'s 8th Directorate’s 5th meeting on September 11, 2017. The transaction was approved by the shareholders of Dalian Friendship (Group) in the 2nd extraordinary general shareholders’ meeting of 2017 on September 27, 2017. Dalian Friendship (Group) Co., Ltd. (SZSE:000679) cancelled the acquisition to acquire 30% stake in Wuhan Credit Microfinance Co., Ltd. from Wuhan Nonferrous Metals Investment Co., Ltd. on September 11, 2018.