Hang Zhou Iron & Steel Co.,Ltd. (SHSE:600126) signed framework agreement to acquire commercial business of Zhejiang Fuchuen Co., Ltd. for approximately CNY 480 million on June 3, 2019. The consideration will be paid in cash.The parties signed the agreement on May 22, 2020. The commercial business reported Total assets of CNY 3.48 billion. net assets of CNY 455.17 million, revenue of CNY 4.97 billion, operating profit of CNY 90 million and net profit of CNY 73.72 million as of December 31, 2018. The transaction is subject to approval from shareholders of Hang Zhou Iron, approval from CSRC, provincial commercial authorities and development and reform departments’ approvals and other necessary approvals. As of May 23, 2020, the transaction has obtained the approvals of the 23rd, 29th, and 32nd meeting of Hang Zhou Iron & Steel's 7th Directorate. As of June 11, 2020, Zhejiang Provincial SASAC approved the transaction. 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.