Hengxin Mobile Business Co., Ltd. (SZSE:300081) agreed to acquire 45.35% stake in Anhui Saida Science & Technology Co., Ltd. from Zhou Jie and Jia Ming for approximately CNY 120 million on December 25, 2014. Zhou Jie will sell 35.3462% stake and Jia Ming will sell 10% stake. Hengxin Mobile Business Co., Ltd. plans to use own funds to acquire some of Anhui Saida Science & Technology Co., Ltd.'s shares.

In a related transaction, Hengxin Mobile Business Co., Ltd. will invest CNY 30 million in Anhui Saida Science & Technology Co., Ltd. and will increase its stake to 51%. During the year ended December 31, 2013, Anhui Saida Science & Technology Co., Ltd. had total assets of CNY 23.07 million, total shareholders' equity of CNY 14.52 million, revenue of CNY 13.84 million, operating profit of CNY 1.03 million, and net profit of CNY 1.49 million. Board of Directors of Hengxin Mobile Business Co., Ltd. approved the transaction on December 25, 2014.

The transaction does not require shareholder approval.