Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) entered into an agreement to acquire 51% stake in Guangzhou Pinshi Real Estate Development Co., Ltd for approximately CNY 340 million on October 10, 2019. Guangzhou Pinshi reported total assets worth CNY 7.1 billion, net assets worth CNY 10 million, Revenue worth CNY 0 and net profit worth CNY 0.031 million for the year ended December 2018. The transaction has been approved by the Directors of Guangzhou Pearl in the 15th meeting held on October 10, 2019. The transaction is subject to approval by the shareholders of Guangzhou Pearl River. As of October 28, 2019, shareholders of Guangzhou Pearl River Industrial Development Co., Ltd. has approved the transaction. Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) cancelled to acquire 51% stake in Guangzhou Pinshi Real Estate Development Co., Ltd on October 10, 2020.