Shanghai Yutai Industry Co., Ltd. and Shanghai Yuhu Investment Management Co., Ltd. signed a share transfer agreement to acquire 65% stake in Gongyi Yirui Microfinance Co., Ltd. from Henan Mingtai Al.Industrial Co.,Ltd. (SHSE:601677) and Henan Tebangte International Trade Co., Ltd. for CNY 97.5 million on July 13, 2017. Under the terms of the transaction, Henan Mingtai Al.Industrial Co., Ltd will sell a total of 60% under which 40% to Shanghai Yutai Industry Co., Ltd. for CNY 60 million and 20% to Shanghai Yuhu Investment Management Co., Ltd. for CNY 30 million. Henan Tebangte International Trade Co., Ltd. will sell 5% stake to Shanghai Yutai Industry Co., Ltd. for CNY 7.5 million. During the financial year ended December 2016, Gongyi Yirui Microfinance Co., Ltd reported total assets of approximately CNY 150 million, net assets of approximately CNY 150 million, revenue of CNY 2.7 million and net loss of CNY 3.9 million. The transaction was approved by the board of Henan Mingtai Al.Industrial Co., Ltd. and does not need the shareholders’ approval.