Shenzhen Qianhai Hongye Ruijin Asset Management Co., Ltd. signed an agreement to acquire Guangdong Huasheng Electrical Appliances Co., Ltd. from Guosheng Financial Holding Inc. (SZSE:002670) for approximately CNY 320 million on June 30, 2017. Under the transaction, CNY 160 million has been paid by Shenzhen Qianhai Hongye Ruijin Asset Management Co., Ltd. During the financial year ended December 2016, Guangdong Huasheng Electrical Appliances Co., Ltd. reported total assets of CNY 958.4 million, shareholders equity of CNY 466.3 million, revenue of CNY 687.66 million and operating profit of CNY 31 million. The transaction has been approved by the Board of Guosheng Financial Holding Inc. Shenzhen Qianhai Hongye Ruijin Asset Management Co., Ltd. cancelled the acquistion of Guangdong Huasheng Electrical Appliances Co., Ltd. from Guosheng Financial Holding Inc. (SZSE:002670) on June 30, 2018.