INESA Intelligent Tech Inc. (SHSE:900901) signed an agreement to acquire Beijing Sinoage Technology Corp., Ltd. from a group of shareholders for approximately CNY 220 million on April 20, 2017. The individual sellers include Xie Min, Zhu Zhibin, Wu Jianbiao, Zhe Hengxin, Zhang Mingyu and Nan Xiang. As consideration, INESA Intelligent Tech Inc. will issue 20.76 million shares at CNY 8.4 per share and pay CNY 43.6 million in cash. As of June 15, 2017, the numbers of shares to be issued are adjusted to 20.89 million. In a related transaction, INESA Intelligent Tech Inc. signed an agreement to acquire a 49% stake in Shanghai Sinthonic Technology Electronics Development Co., Ltd. from Shanghai Jiayu Investment Management Co., Ltd. for approximately CNY 240 million on April 20, 2017. The adjustment is issuance of shares is approved by the Board of INESA Intelligent Tech Inc on June 15, 2017. The transaction is subject to approval of the State-owned Assets Supervision and Administration Commission of Shanghai Municipal Government, shareholders of Beijing Sinoage Technology Corp., Ltd and INESA Intelligent Tech Inc. and approval of China Securities Regulatory Commission. As of April 20, 2017, the transaction has received the approval of the Board of Beijing Sinoage Technology Corp., Ltd and the Board of INESA Intelligent Tech Inc. and the partners of Beijing Shengying Tianhong Investment Center (LP). As on May 9, 2017, Shanghai Municipal Government approved the transaction. As on May 10, 2017, transaction was approved by shareholders of INESA Intelligent Tech Inc. As of June 7, 2017, the transaction was approved by the shareholders of Beijing Sinoage Technology. On July 3, 2017, Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the CSRC unconditionally approved the transaction. As on July 31, 2017, CSRC further approved the transaction. Guotai Junan Securities Co.,Ltd. (SHSE:601211) acted as financial advisor, Beijing Commerce & Finance Law Offices acted as legal advisor and BDO China SHU LUN PAN Certified Public Accountants LLP served as an accountant to INESA Intelligent Tech Inc.