Zhengzhou Gl Tech Co.,Ltd (SZSE:300480) signed an agreement to acquire Changshu Yabang Marine Electric Co., Ltd. from Shao Yunbao and Shao Chen for approximately CNY 180 million on December 9, 2016. Under the terms of transaction, Zhengzhou Gl Tech Co.,Ltd will pay cash of CNY 25 million and issue 7.5 million shares at an issue price of CBY 20.10 per share. Shao Yunbao will sell 90% stake for CNY 22.5 million in cash and 6.8 million shares and Shao Chen will sell 10% stake for CNY 2.5 million in cash and 0.75 million shares. Zhengzhou Gl Tech Co.,Ltd plans to raise supporting funds of not more than CNY 40 million by issuing shares to not more than 5 investors, and the proceeds will be used for the cash considerations of the acquisition of Changshu Yabang Marine Electric Co., Ltd. For the year 2015, Changshu Yabang Marine Electric Co., Ltd. reported revenues of CNY 20.15 million, operating profit and total profit of CNY 7.78 million and net profit of CNY 5.82 million. As at December 31, 2015, Changshu Yabang Marine Electric Co., Ltd. reported total assets of CNY 29.53 million, total liabilities of CNY 16.93 million resulting in net assets of CNY 12.59 million. The deal is subject to approval of shareholders of Zhengzhou Gl Tech Co.,Ltd and approval of China Securities Regulatory Commission. On December 9, 2016, Changshu Yabang Marine Electric Co., Ltd. held the shareholders’ meeting and approved this transaction. On December 15, 2016, Zhengzhou Gl Tech Co.,Ltd held the 23rd session of the 2nd directorate and approved this transaction. On January 20, 2017, Zhengzhou Gl Tech Co.,Ltd held the 1st extraordinary shareholders’ meeting of 2017 and approved the transaction. On June 27, 2017, China Securities Regulatory Commission approved this transaction. Sun Pihu, Ren Yonggang, Zhou Ping, Yuan Yu, Song Siyu and Wu Xuezhou of Everbright Securities Company Limited (SHSE:601788) acted as the financial advisors, Hu Huawei and Cai Jiawen of Tian Yuan Law Firm acted as legal advisors, Beijing Highsrun Law Firm acted as the legal advisor and Wei Jianhong and Gao Jianwei of Ruihua Certified Public Accountants, LLP acted as the accountants to Zhengzhou Gl Tech Co.,Ltd. Zhengzhou Gl Tech Co.,Ltd (SZSE:300480) completed the acquisition of Changshu Yabang Marine Electric Co., Ltd. from Shao Yunbao and Shao Chen on July 7, 2017.