Jiangsu Dewei Advanced Materials Co., Ltd. (SZSE:300325) agreed to acquire remaining 40% stake in Jiangsu Heshili New Material Co.,Ltd. from Jiangyin Huaneng Business Management Co., Ltd. and 10 individuals for CNY 320 million on April 16, 2018. As on May 2, 2018, an agreement was signed for the deal. Jiangsu Dewei Advanced Materials will use cash for the transaction. For the year ending December 31, 2017, Jiangsu Heshili New Material Co.,Ltd. reported total assets of CNY 558.3 million, net assets of CNY 348.9 million, revenue of CNY 983.9 million, operating profit of CNY 98 million and net profit of CNY 85 million. This transaction is subject to approval of shareholders of Jiangsu Dewei Advanced Materials Co., Ltd., the Ministry of Commerce’s approval of the concentration of business operators and antitrust review of undertaking of concentration from the responsible commercial department. As on April 16, 2018, Jiangyin Huaneng Business Management Co., Ltd held a shareholders meeting, and approved the transaction. As on May 2, 2018, Jiangsu Dewei Advanced Materials Co., Ltd. held the 6th Meeting of the 6th Directorate, and approved the transaction. As on May 2, 2018, Jiangsu Heshili New Material Co.,Ltd. held a shareholders meeting and approved the transaction. On June 22, 2018, 1st extraordinary general shareholders’ meeting of 2018 of Jiangsu Dewei Advanced Materials approved the transaction. The transaction was approved by the shareholders of Jiangsu Dewei Advanced Materials on the 3rd extraordinary general shareholders’ meeting held on June 13, 2019. As of July 22, 2019, the transaction was reviewed by the State Administration for Market Regulation. On November 17, 2020, the Jiangsu Dewei Advanced Materials held the 1st Extraordinary Shareholders Meeting of 2020, and approved the extension of the effectivity of the resolution of the major asset acquisition and on February 22, 2021, the reorganization has not yet been completed and Jiangsu Dewei Advanced Materials has paid CNY 68. 6 million and holds 68.48% stake in Jiangsu Heshili New Material Co. The change of business registration of the corresponding stake has been completed. Zhongtai Securities Co., Ltd. acted as financial advisor, Beijing Kang Da Law Firm acted as legal advisor and BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountant to Jiangsu Dewei Advanced Materials Co., Ltd. BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountant to Jiangsu Heshili New Material Co.,Ltd.