Hengyi Petrochemical Co., Ltd. (SZSE:000703) agreed to acquire 30% stake in Dongzhan Shipping Co., Ltd. from Zhejiang Hengyi Group Co., Ltd. for approximately CNY 130 million on January 16, 2020. The consideration will be paid in cash. Hengyi Petrochemical will make a one time payment through bank within 10 working days from the agreement. The transaction is subject to the approval of the shareholders of Hengyi Petrochemical. The Board of Directors of Hengyi Petrochemical approved the transaction.