Haining China Leather Market Co.,Ltd (SZSE:002344) agreed to acquire 70% stake in Haining Leather Fashion Little Town Company Investment and Development Co., Ltd from Haining Asset Management Co., Ltd for approximately CNY 740 million on January 10, 2018. As on January 12, 2018, parties signed asset acquisition agreement. Under the terms, Haining China Leather Market Co.,Ltd will issue 100.3 million shares. As on April 19, 2018, transactional price and payment methodology will not be modified but the 11th meeting of the 4th directorate has decided to modify issuance price, pricing basal date and the amount of shares to be issued. Haining China Leather Market Co.,Ltd will issue 134.2 million shares to acquire Haining Leather Fashion Little Town Investment and Development Co., Ltd As on November 30, 2017, Haining Leather Fashion Little Town Investment and Development Co., Ltd had total assets of CNY 1.3 billion and net assets of CNY 1 billion. The deal is subject to the approval from the China Securities Regulatory Commission and Zhejiang Province State Owned Assets Commission. As on January 29, 2018, transaction is subject to shareholders approval of Haining China Leather Market Co.,Ltd. The transaction is approved by the Board of Directors of Haining City asset management Co., Ltd and Haining Leather Fashion Little Town Company Investment and Development Co., Ltd on January 10, 2018 and transaction is approved by the Board of Directors of Haining China Leather Market Co.,Ltd on January 12, 2018. On February 12, 2018, the transaction was approved by the State-Owned Assets Supervision and Administration Commission of the People’s Government of Zhejiang Province. As on March 19, 2018, the shareholders of Haining China Leather Market Co.,Ltd approved the transaction. On June 13, 2018, Haining China Leather Market Co.,Ltd received a notice from the CSRC stating that the CSRC decided not to approve the plan. Zhang Shili, Wang Mingjie, Gao Jiachen and Feng Shunan of Caitong Securities Co., Ltd acted as financial advisors, Li Bo, Zhan Cheng and Zhang Lingzhi of AllBright Law Offices acted as a legal advisors and Wo Weiyong and Liu Fang of Pan-China Certified Public Accountants LLP acted as accountants for Haining China Leather Market Co.,Ltd. Zhuang Lingfeng, Jin Bo, Xu Haixia, Ding Ran and Xu Xu of CITIC Securities Company Limited (SHSE:600030) acted as financial advisor instead of Caitong Securities Co., Ltd for Haining China Leather Market Co.,Ltd.