Hang Zhou Iron & Steel Co.,Ltd. (SHSE:600126) signed a framework agreement to acquire Zhejiang Metallurgical Materials Co., Ltd. and 99.5% stake in Zhejiang Hanggang International Trade Co., Ltd. from Zhejiang Hanggang Business Group Co., Ltd. for CNY 2.4 billion on June 3, 2019. The parties signed acquisition of assets through the Issuance of shares and cash framework agreement supplement agreement on April 3, 2020. Hang Zhou Iron & Steel Co.,Ltd. signed an agreement to acquire to acquire Zhejiang Metallurgical Materials Co., Ltd. and 99.5% stake in Zhejiang Hanggang International Trade Co., Ltd. from Zhejiang Hanggang Business Group Co., Ltd. on May 22, 2020. Hang Zhou Iron & Steel Co.,Ltd. plans to issue shares to Zhejiang Hanggang Business Group Co., Ltd. to purchase 85% of Zhejiang Metallurgical Materials Co., Ltd. and 85% of the equity of Zhejiang Hanggang International Trade Co., Ltd. Hang Zhou Iron & Steel Co.,Ltd. will pay cash to purchase the remaining 15% of Zhejiang Metallurgical Materials Co., Ltd. and 14.5% of the shares of Zhejiang Hanggang International Trade Co., Ltd. Hang Zhou Iron & Steel will issue 390 million shares and pay a cash amount of CNY 381.5 million. In a related deal, Hang Zhou Iron & Steel Co.,Ltd. agreed to acquire Zhejiang Dongling Trading Co., Ltd. from Zhejiang Dongling Co., Ltd. and commercial business of Zhejiang Fuchuen Co., Ltd. on June 3, 2019. As of December 31, 2018, Zhejiang Metallurgical Materials and Zhejiang Hanggang International Trade reported total assets of CNY 22.71 billion, total common equity of CNY 4.97 billion, revenue of CNY 97.62 billion and EBIT of CNY 453.78 million. The transaction is subject to approval from state-owned regulatory authority, Board of Directors of Hang Zhou Iron & Steel Co.,Ltd., shareholders' meeting of Hang Zhou Iron & Steel Co.,Ltd., the China Securities Regulatory Commission, approval or filing of the relevant matters concerning the overseas investment of the transaction by the provincial-level commerce department and the development and reform department, the Anti-Monopoly Bureau of the State Administration of Markets Supervision and Management of the transaction involves the centralized review of the operators, and other approvals. On June 3, 2019, the transaction was approved by the 23rd session of the 7th directorate meeting of Hang Zhou Iron & Steel Co.,Ltd. and the Zhejiang Provincial State-owned Assets Supervision and Administration Commission. On June 12, 2020, the transaction was approved by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission. Dong Fan, Gong Yuanxiao, Yu Jiajun, Xie Kaixin, Jin Yipan, Guo Fangzheng, Gao Shibo, Guo Dan, Qian Yunhao, Yu Haiyue, Feng Ziqiang, Chen Zhiyu of CITIC Securities Co., Ltd. acted as financial advisor, Hu Xiaoming and Li Yan, Wang Chen of Grandall Law Firm as legal advisor and Ye Weimin, Yan Zhiyong, Yin Linuo, Hou Bo, Yu Leiyu of Pan-China Certified Public Accountants acted as accountants to Hang Zhou Iron & Steel. Hang Zhou Iron & Steel Co.,Ltd. (SHSE:600126) cancelled the acquisition of Zhejiang Metallurgical Materials Co., Ltd. and 99.5% stake in Zhejiang Hanggang International Trade Co., Ltd. from Zhejiang Hanggang Business Group Co., Ltd. on February 7, 2021. On February 7, 2021, Board of Directors of YanAn Bicon Pharmaceutical Listed Company held 8th Meeting of the 8th Directorate, and approved terminating the acquisition.