Guangzhou Jointas Chemical Co., Ltd. (SZSE:002909) signed an agreement to acquire 75% stake in Dongguan Zhaoshun Silicone Technology Co., Ltd from Chen Fang, Li Jianghua, Liu Jinming and Chen Zhengwang for CNY 46.7 million on August 30, 2019. Guangzhou Jointas Chemical Co., Ltd. shall make payment in two phases. The first phase of payment of CNY 20 million within twenty working days from the signing of agreement and remaining CNY 26.73 million in second phase within two months from the agreement. For the period ended December 31, 2018, Dongguan Zhaoshun Silicone Technology reported revenue of CNY 88.17 million and net profit of CNY 2.67 million. As at December 31, 2018, Dongguan Zhaoshun Silicone Technology had total assets of CNY 45.75 million and net assets of CNY 21.66 million. The transaction has been approved by the Board of Directors of Guangzhou Jointas Chemical Co., Ltd but approval from its shareholders is not needed.