Hubei Yichang Transportation Group Co., Ltd. (SZSE:002627) agreed to acquire Hubei Three Gorges Jiufenggu Tourism Development Co., Ltd. from Yichang Daoheng Cultural Tourism Development Co., Ltd. and Pei Daobing on January 28, 2019. As of February 1, 2019, Hubei Yichang Transportation Group Co., Ltd. (SZSE:002627) signed an agreement to acquire Hubei Three Gorges Jiufenggu Tourism Development Co., Ltd. from Yichang Daoheng Cultural Tourism Development Co., Ltd. and Pei Daobing for CNY 83.6 million. As per terms, consideration will be payable in stock. 12.62 million Shares will be issued as consideration. As on June 6, 2019, 12.9 million shares were issued as a part of the acquisition. In a related transaction, Hubei Yichang Transportation Group will raise supporting funds of not more than CNY 42 million by issuing not more than 62.94 million shares to Yichang Cultural Tourism Investment Development Co., Ltd. For the period ending December 31, 2018, Hubei Three Gorges Jiufenggu reported total assets of CNY 41.13 million, net assets of CNY 22.13 million, revenue of CNY 21.96 million, operating profit of CNY 7.28 million and net profit of CNY 6.25 million. As of May 14, 2019, consideration shares were revised to 12.65 million from 12.62 million. Lock up period will be 36 months since issuance date. Yichang Daoheng Cultural Tourism Development Co., Ltd. and Pei Daobing will sell 51% stake and 49% stake and will receive 6.44 million shares and 6.2 million shares respectively. Deal is subject to second approval of Hubei Yichang Transportation’s Directorate, State-owned Assets Supervision and Administration Commission of the State Council’s approval, Hubei Yichang Transportation’s shareholders’ approval and CSRC’s approval. Yichang Daoheng Cultural Tourism Development Co., Ltd.’s shareholders' meeting reviewed and approved the preliminary plan for the transaction. Hubei Three Gorges Jiufenggu Tourism Development Co., Ltd. held a shareholders' meeting and reviewed and approved the transaction. This transaction has obtained approval of Yichang’s State-owned Assets Supervision and Administration Commission of the State Council, the approval of the 19th Meeting of Hubei Yichang Transportation Group’s 4th Directorate. On June 13, 2019, the transaction was approved by Yichang City State-owned Assets Supervision and Administration Commission. As of July 5, 2019, CSRC approved the transaction. Yu Weijia of ZTF Securities Co., Ltd. acted as independent financial advisor, Lian Quanlin and Wang Wei of Beijing DHH Law Firm acted as legal adviser and Li Hongyong and Huang Fen of BDO SHU LUN PAN Certified Public Accountants (Special General Partnership) acted as accountants for Hubei Yichang Transportation Group. Meng Li and Hu Mingtao of Kaiyuan Assets Evaluation Co., Ltd. acted as appraiser in the transaction. Hubei Yichang Transportation Group Co., Ltd. (SZSE:002627) completed the acquisition of Hubei Three Gorges Jiufenggu Tourism Development Co., Ltd. from Yichang Daoheng Cultural Tourism Development Co., Ltd. and Pei Daobing on August 16, 2019.