Hebei Construction Group Corporation Limited (SEHK:1727) entered into an agreement to acquire Zhongwei Construction Engineering Co., Ltd. from Baoding Qiande Trading Company Limited and Baoding Qianyao Trading Company Limited for approximately CNY 100 million on May 5, 2022. Under the terms of the deal, Hebei Construction Group Corporation will acquire 90% stake from Baoding Qiande Trading Company for CNY 90.9 million and 10% stake from Baoding Qianyao for CNY 10.1 million. Hunan Zhongwei Construction Engineering Co had total revenues of CNY 1.8 billion, total assets of CNY 2.7 billion, net income of CNY 12.6 million, profit before tax of CNY 16.8 million and a total common equity of CNY 110 million in the year 2021. The deal has been approved by the Board of Hebei Construction Group.