Guangzheng Group Co., Ltd. (SZSE:002524) agreed to acquire 51% stake in Shanghai New Vision Eye Hospital Investment Co., Ltd. from Shanghai New Vision Industrial Co., Ltd., Lin Chunguang, Shanghai Niehong Investment Advisory Partnership Enterprise (Limited Partnership) and Shanghai Chunhong Enterprise Management Partnership Enterprise (Limited Partnership) for CNY 600 million on March 20, 2018. An asset acquisition agreement was signed on March 30 2018. Under the terms of the transaction, Shanghai New Vision Industrial Co., Ltd. will sell 35.91% stake for CNY 422.4 million, Lin Chunguang will sell 9.43% stake for CNY 111 million, Shanghai Niehong Investment Advisory Partnership Enterprise (Limited Partnership) will sell 4.53% stake for CNY 53.3 million and Shanghai Chunhong Enterprise Management Partnership Enterprise (Limited Partnership) will sell 1.13% stake for CNY 13.3 million. Upon completion, Guangzheng Group Co., Ltd. will hold 51% stake in Shanghai New Vision Eye Hospital Investment Co., Ltd. and the latter will becomee the Guangzheng Group Co., Ltd.'s holding subsidiary. Shanghai New Vision Industrial Co., Ltd. will hold 35.91% stake and Lin Chunguang, Shanghai Niehong Investment Advisory Partnership Enterprise (Limited Partnership) and Shanghai Chunhong Enterprise Management Partnership Enterprise (Limited Partnership) will not hold any stake. For the year ended December 31, 2017, Shanghai New Vision Eye Hospital Investment Co., Ltd. reported revenue of CNY 849.6 million and net profit of CNY 96.2 million. As of December 31, 2017, Shanghai New Vision Eye Hospital Investment Co., Ltd. reported total assets of CNY 584.6 million and total equity of CNY 393.8 million. The transaction is subject to approval from the shareholders of Guangzheng Group Co., Ltd. The transaction received approval from the shareholders of Shanghai New Vision Industrial Co., Ltd. on March 20, 2018, approval from the executive partners of Shanghai Niehong Investment Advisory Partnership Enterprise (Limited Partnership) on March 20, 2018, approval from the executive partners of Shanghai Chunhong Enterprise Management Partnership Enterprise (Limited Partnership) on March 20, 2018, approval from the shareholders of Shanghai New Vision Eye Hospital Investment Co., Ltd. on March 20, 2018 and approval by the Board of Directors of Guangzheng Group Co., Ltd. in the 3rd directorate in its 31st meeting on March 30, 2018. Zhao Yan and Liu Wei of Huatai United Securities Co., Ltd. acted as financial advisors and Xie Yuanxun and Sun Ji of King & Wood Mallesons, China acted as legal advisors to Guangzheng Group Co., Ltd. Zhang Yong and Xue Chunqi of BDO China SHU LUN PAN Certified Public Accountants LLP acted as auditors to Shanghai New Vision Eye Hospital Investment Co., Ltd.