Hubei Zhenhua Chemical Co.,Ltd. (SHSE:603067) signed an intention agreement to acquire Chongqing Minfeng Chemical Co., Ltd. from Chongqing Chemical & Pharmaceutical Holding (Group) Company on July 28, 2020. Hubei Zhenhua Chemical Co.,Ltd. (SHSE:603067) signed a conditional agreement to acquire Chongqing Minfeng Chemical Co., Ltd. from Chongqing Chemical & Pharmaceutical Holding (Group) Company for approximately CNY 520 million on August 7, 2020. Hubei Zhenhua Chemical will pay consideration by issuing 67.84 million shares. Hubei Zhenhua Chemical will issue shares at a price of CNY 6.47 per share with a lock up period of 12 months. The transaction price would be CNY 435 million or appraisal of underlying assets whichever is higher. The financials of Chongqing Minfeng Chemical for the year ended December 31, 2019, are total assets of CNY 1.55 billion, total owner's equity of CNY 264.9 million, operating revenue of CNY 1.29 billion, operating profit of CNY 5.4 million and net profit of CNY 6.62 million. The transaction needs to be approved by the the state-owned assets supervision and administration department, Chongqing SASAC , shareholders of Hubei Zhenhua Chemical, China Securities Regulatory Commission, State Administration for Market Regulation and other approvals. On August 5, 2020, the transaction was approved by the Board of Directors of Chongqing Chemical & Pharmaceutical Holding and on August, 7, 2020, the transaction was approved by the Board of Directors of Hubei Zhenhua Chemical. On October 14, 2020, Chongqing SASAC has approved the transaction. The transaction was approved by the shareholders of Hubei Zhenhua Chemical Co.,Ltd. in the general shareholders' meeting held on October 20, 2020. As of November 13, 2020, China Securities Regulatory Commission approved the transaction. As of January 5, 2021, the transaction received the Concentration of Undertakings Anti-monopoly Review Not Prohibited Decision issued by the State Administration for Market Regulation. As of January 11, 2021, the the Market Supervision and Administration Bureau of Tongnan District, Chongqing City approved the transaction. Changjiang Financing Services Co., Ltd. acted as financial advisor, AllBright Law Offices as legal advisor and Wuyige Certified Public Accountants as accountant to Hubei Zhenhua Chemical.