Jiangsu Lianfa Textile Co.,Ltd (SZSE:002394) signed an agreement to acquire remaining 40% stake in Nantong Lianfa Electric Co., Ltd. from Huiyu Enterprise Co., Ltd. for approximately CNY 170 million on August 25, 2015. After completion of the transaction, Nantong Lianfa Electric Co., Ltd will become a wholly-owned subsidiary of Jiangsu Lianfa Textile. Nantong Lianfa Electric Co., Ltd reported total assets of CNY 277.49 million, total liabilities of CNY 108.33 million, net assets of CNY 169.15 million, revenues of CNY 280.79 million, operating profit of CNY 76.15 million and total profit of CNY 61.01 million in 2014.

The transaction is subject to approval of Ministry of Commerce and the State Administration for Industry & Commerce of the People's Republic of China. The Board of Jiangsu Lianfa Textile Co., Ltd approved the transaction.