Jiangsu Flowers King Horticulture Co., Ltd. (SHSE:603007) signed an agreement to acquire 29.08% Stake in Zhengzhou Water Conservancy Construction Project Co., Ltd. from Yu Chunyan, Zhang Xuewei, Song Jian, Xu Tian, Feng Xinglong and Wang Xia for approximately CNY 250 million on June 29, 2017. Jiangsu Flowers King Horticulture Co., Ltd will acquire the stake in cash. Jiangsu Flowers King Horticulture Co., Ltd plans to acquire 60% stake in Zhengzhou Water Conservancy Construction Project Co., Ltd for approximately CNY 250 million. Jiangsu Flowers King Horticulture Co., Ltd continues to negotiate with other shareholders' of Zhengzhou Water Conservancy Construction Project Co., Ltd to determine the final sellers and the stake to be sold by each seller. The transaction shall be funded through self-financed funds. Zhengzhou Water Conservancy Construction Project Co., Ltd reported revenues of CNY 101.98 million and total assets of CNY 353.24 million in 2016. The transaction does not need the approval from the shareholders’ meeting of Jiangsu Flowers King Horticulture Co., Ltd. The Board of Jiangsu Flowers King Horticulture Co., Ltd approved the transaction on June 29, 2017.