Huvis Corporation (KOSE:A079980) entered into an agreement to acquire 30% stake in Nantong Yongsheng Fiber Advanced Materials Company Limited from Hangzhou Huvis-Yongsheng Dyeing and Finishing Co., Ltd. for CNY 17.7 million on August 27, 2018. The consideration is payable within three months from agreement date. For the year ended December 31, 2017, Nantong Yongsheng Fiber Advanced Materials Company Limited reported net assets of CNY 88.9 million. The transaction is subject to execution and delivery of joint venture agreement, necessary approvals and consents of the governmental authorities, and other conditions. If the transaction is not completed by December 31, 2018, the transaction will be terminated. The proceeds from the transaction will be used as general working capital. Huvis Corporation (KOSE:A079980) cancelled the acquisition of 30% stake in Nantong Yongsheng Fiber Advanced Materials Company Limited from Hangzhou Huvis-Yongsheng Dyeing and Finishing Co., Ltd. on August 27, 2019.