Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. (SZSE:002459) signed a letter of intent to acquire 3.82% stake in Shanghai Unionpay Merchat Services Co., Ltd from Tibet Jiaying Xinglong Enterprise Management Co., Ltd for CNY 360 million on May 7, 2018. Under the terms, Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd will acquire 61.2 million shares of Shanghai Unionpay Merchat Services Co., Ltd and Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd must pay a guarantee of CNY 60 million after 3 days since approval from the Board of Directors. Shanghai Unionpay Merchat Services Co., Ltd reported total assets of CNY 31.7 billion, net assets of CNY 5.1 billion, operational income of CNY 7.9 billion, operational profit of CNY 799.1 million and net profit of CNY 730.7 million as of 2017. The transaction has been approved by the Board of Directors of Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd at the 8th meeting of the 4th directorate held on May 7, 2018. Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. (SZSE:002459) cancelled the acquisition of 3.82% stake in Shanghai Unionpay Merchat Services Co., Ltd from Tibet Jiaying Xinglong Enterprise Management Co., Ltd on May 7, 2019.