Flower King Eco-Engineering Inc. (SHSE:603007) signed an equity transfer agreement to acquire the remaining 20% stake in China VTR International Engineering Design Co., Ltd. from Xie Shaoning, Wang Wei and Rong Yan for CNY 38 million on October 26, 2020. Flower King Eco-Engineering Inc. shall pay the transaction amount in installments within six months from the effective date of the agreement using its own funds. After deal completion, China VTR will become a wholly-owned subsidiary of the Flower King Eco-Engineering Inc. In December 31, 2019, China VTR International Engineering Design reported a total assets of CNY 116 million, total common equity of CNY 80 million, total revenues of CNY 123 million and net income of CNY 25.7 million. The transaction has been approved by the Board of Directors of Flower King Eco-Engineering Inc.