Shanghai Jiabao Industry & Commerce (Group) Co.,Ltd. (SHSE:600622) entered into a sale and purchase agreement to acquire 51% in EBA Asset Management Co. Ltd. and EBA Real Estate Investment Consultancy Co., Ltd. from EBA Investments (Advisory) Limited for CNY 1.6 billion on November 2, 2016. Under the transaction, 51% equivalent to approximately CNY 790 million of the consideration shall be paid to the escrow account in cash within 5 business days and the remaining 49% equivalent to approximately CNY 1.5 billion within 5 Business Days from the completion of the Disposal and the governmental procedures in relation to the payment of the Consideration. Shanghai Jiabao Industry & Commerce (Group) Co.,Ltd. and EBA Investments (Advisory) Limited agree that the amount of the Total Compensation shall not, exceed 55% of the Consideration. For the year ended December 31, 2015 EBA Asset Management Co. Ltd. reported net assets as CNY 0.73 million, total Assets as CNY 64.3 million and revenues of CNY 23.3 million and EBA Real Estate Investment Consultancy Co., Ltd. reported net assets as CNY approximately 340 million, total assets as approximately CNY 430 million and revenues of approximately CNY 300 million. The transaction is subject to approval from Shanghai Jiabao Industry & Commerce's shareholders. On November 2, 2016, the Board of Directors of Shanghai Jiabao Industry & Commerce (Group) Co, Ltd. unanimously approved the deal. This transaction has already received approval from the State-owned Assets Supervision and Administration Commission of Jiading District in Shanghai. Zhonghua Certified Public Accountants LLP acted as accountant in the deal. As of November 18, 2016, the transaction was approved by the shareholders of Shanghai Jiabao Industry & Commerce (Group) Co., Ltd. Shanghai Jiabao Industry & Commerce (Group) Co.,Ltd. (SHSE:600622) completed the acquisition of 51% in EBA Asset Management Co. Ltd. and EBA Real Estate Investment Consultancy Co., Ltd. from EBA Investments (Advisory) Limited on November 30, 2016.