China Guodian Corporation agreed to acquire certain desulfurization and denitrification assets of Beijing Guodian Longyuan Environment Engineering Co., Ltd. on January 29, 2016. A group of 27 buyers from the China Guodian Corporation entered into an agreement to acquire Certain Desulfurization and Denitrification Assets of Beijing Guodian Longyuan Environmental Engineering Co., Ltd. for CNY 3.4 billion on February 5, 2016. Shenyang Pyroelectricity is paying CNY 117.4 million. Baicheng Pyroelectricity is paying CNY 107.25 million. Changchun Pyroelectricity is paying CNY 106.8 million. Yanji Pyroelectricity is paying CNY 87.46 million. Guodian Yuci Pyroelectricity Co., Ltd. is paying CNY 97.4 million. Guodian Yuci Pyroelectricity Co., Ltd. is paying CNY 133.26 million. China Guodian Corporation Huozhou Power Generation Plant is paying CNY 143.86 million. An Independent Board Committee comprising all the independent Non-Executive Directors will be established to advise the independent shareholders in respect of the transaction. The deal is conditional upon approval of competent government authorities. On January 29, 2016, the deal was proposed and approved by the strategic committee of Guodian Technology. The transaction has been approved by the Boards and shareholders of Guodian Technology & Environment Group Corporation limited, parent of Beijing Guodian Longyuan plus consent letters from third parties have also been obtained. As of March 10, 2016, Guodian Technology announced a meeting of its shareholders on March 29, 2016. The transaction is expected to close before March 31, 2016, within 20 working days from the satisfaction of the conditions. Guodian Technology & Environment will use the proceeds for working capital and repayment of bank borrowings. Gram Capital Limited act as financial advisor for Beijing Guodian Longyuan. A group of 27 buyers from the China Guodian Corporation group completed the acquisition of certain Desulfurization and Denitrification assets of Beijing Guodian Longyuan Environmental Engineering Co., Ltd. during the year ending December 31, 2016.