Jason Furniture (Hangzhou) Co.,Ltd. (SHSE:603816) signed an agreement to acquire 38.88% stake in Quanzhou Xibao Home Technology Co., Ltd. from Nanping Hengzhi Equity Investment Partnership and Pingtan Hengxiang Equity Investment Co., Ltd. for approximately CNY 260 million on November 13, 2018. Jason Furniture (Hangzhou) Co.,Ltd. shall pay CNY 237.24 million for 35.57% of Quanzhou Xibao Home Technology Co., Ltd. held by Pingtan Hengxiang Equity Investment Co., Ltd. and CNY 22.05 million for 3.308% of Quanzhou Xibao Home Technology Co., Ltd. held by Nanping Hengzhi Equity Investment Partnership (Limited Partnership). After the completion of the equity transfer, Jason Furniture (Hangzhou) Co.,Ltd. plans to perform a capital increase in Quanzhou Xibao Home Technology Co., Ltd. for the amount of CNY 165 million. After the completion of the capital increase, Jason Furniture (Hangzhou) Co.,Ltd will invest a total of CNY 424.29 million in Quanzhou Xibao Home Technology Co., Ltd. and will hold 51% of the stake. For the year ending December 31, 2017, Quanzhou Xibao Home Technology Co., Ltd. reported revenues of CNY 212.9 million and net profit of CNY 16 million. As of December 31, 2017, Quanzhou Xibao Home Technology Co., Ltd. reported shareholders' equity of CNY 75.8 million and total assets of CNY 93.7 million. The transaction was reviewed and approved by the 23rd meeting of the third directorate of Jason Furniture (Hangzhou) Co.,Ltd. on November 13, 2018. On November 29, 2018, the transaction was approved by the shareholders of Jason Furniture (Hangzhou) Co.,Ltd.