Nanjing Estun Automation Co., Ltd. (SZSE:002747) entered into an agreement to acquire Shanghai Prex Mfg. Co., Ltd. from L. K. Machinery Company Limited for CNY 76 million in cash on June 28, 2016. Under the terms of the agreement 20% of the consideration shall be payable within five business days after the date of the agreement, 40% of the consideration shall be payable within five business days after the completion of change in industry and commercial registration. The remaining balance of the consideration, which shall be paid in three installments (20% of the consideration for first installment, 15% of the consideration for second installment and 5% of the consideration for third installment payable within first, second and third anniversary after the completion date. For the year ended December 31, 2015, Shanghai Prex Mfg. Co., Ltd. reported total assets of CNY 38.4 million, net assets of CNY 15.2 million and operating revenues of CNY 77.3 million. The board of directors of Nanjing Estun Automation Co., Ltd. approved the transaction.