Guangdong Dynavolt Renewable Energy Technology Co., Ltd. (SZSE:002684) agreed to acquire 95.85% stake in Hope (Shanghai) New Energy Charging Equipment Co., Ltd. from Hope New Energy Technology Inc. for CNY 1.2 billion on October 18, 2017. On October 19, 2017, acquisition agreement is signed. The consideration comprises cash of CNY 498.4 million and 38.6 million shares of Guangdong Dynavolt Renewable Energy Technology Co., Ltd. at CNY 19.38 per share. The cash portion of the consideration will be funded from a private placement of CNY 525 million. For the year ended December 31, 2016, Hope (Shanghai) New Energy Charging Equipment Co., Ltd. reported revenues of CNY 49.9 million, total assets of CNY 451.4 million, operating loss of CNY 59.8 million, net loss of CNY 51.9 million and net assets of CNY 160.8 million. The deal is subject to approval from secondary directorate and shareholders of Guangdong Dynavolt Renewable Energy Technology Co., Ltd. and China Securities Regulatory Commission. The transaction has obtained approval from shareholders of Hope New Energy Technology Inc. and Hope (Shanghai) New Energy Charging Equipment Co., Ltd. on October 18, 2017 and from Board of Directors and supervisory board of Guangdong Dynavolt Renewable Energy Technology Co., Ltd. on October 19, 2017. Huatai United Securities Co., Ltd. acted as financial advisor, Zhong Lun Law Firm acted as legal advisor and GP Certified Public Accountants Co Ltd acted as accountant for Guangdong Dynavolt Renewable Energy Technology Co., Ltd. Guangdong Dynavolt Renewable Energy Technology Co., Ltd. (SZSE:002684) cancelled the acquisition of 95.85% stake in Hope (Shanghai) New Energy Charging Equipment Co., Ltd. from Hope New Energy Technology Inc. on October 18, 2018.