Jiangsu Fasten Company Limited agreed to acquire Shanghai Moses Factoring from Jiangsu Fasten Hongsheng Group Co., Ltd., Changzhou Jingjiang Capital Management Co., Ltd. and Shanghai Moses Investment Co., Ltd. for CNY 1.2 billion in stock on September 8, 2015. Jiangsu Fasten Company Limited signed a conditional asset acquisition agreement to acquire Shanghai Moses Factoring from Jiangsu Fasten Hongsheng Group Co., Ltd., Changzhou Jingjiang Capital Management Co., Ltd. and Shanghai Moses Investment Co., Ltd. for CNY 1.2 billion on March 28, 2016. Jiangsu Fasten Hongsheng will be issued 139 million shares, Changzhou Jingjiang Capital will be issued 10 million shares and Shanghai Moses Investment will be issued 5 million shares as consideration. Jiangsu Fasten Hongsheng Group will sell 90% stake, Changzhou Jingjiang Capital will sell 6.67% stake and Shanghai Moses Investment will sell 3.33% stake of Shanghai Moses Factoring. In related transaction, Jiangsu Fasten agreed to acquire China Central Financial Leasing for CNY 2.16 billion. Shanghai Moses Factoring will operate as wholly-owned subsidiary of Jiangsu Fasten. Shanghai Moses Factoring reported total assets of CNY 545.65 million, total liabilities of CNY 205.54 million and total owner’s equity of CNY 340.12 million as of December 31, 2014, and revenue of CNY 68.21 million, operating profit of CNY 53.52 million, total profit of CNY 53.52 million and net profit of CNY 40.12 million for 2014. As of September 25, 2015 the transaction is approved by the Board of Jiangsu Fasten Company Limited and the shareholders of Shanghai Moses Factoring Co. Ltd. The transaction is subject to approval by the shareholders of Jiangsu Fasten Company Limited, CSRC approval. As on December 31, 2015, the stake acquisition plan was not approved by China Securities Regulatory Commission. Industrial Securities Co., Ltd. acted as financial advisor, C&T Partners acted as legal advisor and Jiangsu Gongzheng Tianye Certified Public Accountants Co Ltd acted as accountant for Jiangsu Fasten Company Limited. Central China Securities Co., Ltd. (SEHK:1375) acted as financial advisor for Jiangsu Fasten Company Limited (SZSE:000890). As on March 31, 2016, the deal structure has been revised and the consideration will be paid in cash. The revised plan has been approved by the Board of Jiangsu Fasten Company Limited (SZSE:000890) and shareholders of Shanghai Moses Factoring Co. Ltd., Jiangsu Fasten Hongsheng Group Co., Ltd., Changzhou Jingjiang Capital Management Co., Ltd. and Shanghai Moses Investment Co., Ltd. Jiangsu Fasten Company Limited cancelled the acquisition of Shanghai Moses Factoring from Jiangsu Fasten Hongsheng Group Co., Ltd., Changzhou Jingjiang Capital Management Co., Ltd. and Shanghai Moses Investment Co., Ltd. on October 14, 2016.