Hebei Hengshui Laobaigan Liquor Co., Ltd. (SHSE:600559) offered to acquire Fenglian Wine Holdings Limited from Joyvio Group Co., Ltd., Tibet Junhe Juli Investment Partnership Enterprise (Limited Partnership), Tang Jie, Fang Yan and Tan Xiaolin on March 20, 2017. Hebei Hengshui Laobaigan Liquor Co., Ltd. signed a framework agreement to acquire Fenglian Wine Holdings Limited from Joyvio Group Co., Ltd., Tibet Junhe Juli Investment Partnership Enterprise (Limited Partnership), Tang Jie, Fang Yan and Tan Xiaolin for CNY 1.4 billion on April 20, 2017. As on November 15, 2017, an asset acquisition agreement for the deal is signed. Hebei Hengshui Laobaigan Liquor will pay CNY 491.57 million cash and issue 29.89 million shares to Joyvio Group; will pay CNY 123.34 million in cash and issue 7.5 million shares to Tibet Junhe Juli and will pay CNY 4.08 million cash to Tang Jie, Fang Yan and Tan Xiaolin. As of November 6, 2017, the terms of the transaction were revised. As per the revised terms, Joyvio Group Co., Ltd. will receive a cash consideration of CNY 491.57 million and a stock consideration of 30.1 million shares. Tibet Junhe Juli Investment Partnership Enterprise (Limited Partnership) will receive a cash consideration of CNY 123.34 million and a stock consideration of 7.6 million shares. Tang Jie, Fang Yan and Tan Xiaolin will only receive cash consideration of CNY 2.5 million, CNY 0.98 million and CNY 0.65 million respectively. Hebei Hengshui Laobaigan Liquor Co., Ltd.plans to raise supporting funds of not more than CNY 400 million to fund the cash portion of the deal. For the year ended December 31, 2016, Fenglian Wine Holdings reported total assets of CNY 2 billion, net assets of CNY 445.05 million, revenue of CNY 1.1 billion, operating profit of CNY 39.5 million and net profit of CNY 14.5 million. The deal is subject to second approval by the Board of Directors of Hebei Hengshui Laobaigan Liquor after Fenglian Wine Holdings Limited’s assets’ audit and assessment work are completed, the State-owned Assets Supervision and Administration Commission’s approval, approval of shareholders of Hebei Hengshui Laobaigan Liquor, China Securities Regulatory Commission’s approval, The Ministry of Commerce’s Review on the Concentration of Business Operators and other necessary approvals. The deal was approved by the shareholders of Fenglian Wine Holdings on April 10, 2017. The deal was approved by the shareholders of Joyvio Group and Tibet Junhe Juli and by the Board of Directors of Hebei Hengshui Laobaigan Liquor on April 20, 2017. On October 12, 2017, Hebei Hengshui Laobaigan Liquor Co., Ltd. received approval from the Ministry of Commerce of the People's Republic of China Anti-monopoly Bureau through its issued “Notice on no Implementation of Further Review” on the matter allowing undertaking of concentration. On November 6, 2017, Hebei Hengshui Laobaigan Liquor Co., Ltd. held its 6th directorate’s 6th meeting and approved the transaction. On November 10, 2017, the deal obtained filing record of Fenglian Wine Holdings Limited’s assets’ assessment report with the State-owned Assets Supervision and Administration Commission office of Hengshui City. On November 15, 2017, the formal transaction report is approved by the Board of Hebei Hengshui Laobaigan Liquor Co., Ltd. On November 22, 2017, State-owned Assets Supervision and Administration Commission approved the deal. As of January 31, 2018, China Securities Regulatory Commission has approved the transaction. Gao Peng, Ding Xiaowen, Zhu Feng, Zhang Xinran, Yue Sumeng and Shi Shaojun of Guotai Junan Securities Co., Ltd. acted as independent financial advisors to Hebei Hengshui Laobaigan Liquor Co., Ltd. Shi Shaojun resigned from Guotai Junan Securities Co., Ltd. and is now replaced by Li Xiang. Cheng Yiqun and Deng Xiaomeng Commerce & Finance Law Offices acted as legal advisors while Yuan Zhiyun and Zhang Yanqiao of Asia Pacific CPA (Group) Co., Ltd acted as auditors for Hebei Hengshui Laobaigan Liquor Co., Ltd. Hebei Hengshui Laobaigan Liquor Co., Ltd. (SHSE:600559) completed the acquisition of Fenglian Wine Holdings Limited from Joyvio Group Co., Ltd., Tibet Junhe Juli Investment Partnership Enterprise (Limited Partnership), Tang Jie, Fang Yan and Tan Xiaolin on March 23, 2018.