Jiangsu Shentong Valve Co., Ltd. (SZSE:002438) signed the share transfer agreement to acquire Jiangsu Ruifan Energy Saving Technology Service Co., Ltd. from Wulian Haifu Business Management Consulting Center (Limited Partnership), Wulian Huashi Business Management Consulting Center (Limited Partnership) and 8 individuals for approximately CNY 330 million on July 12, 2017. For the year ended December 31, 2016, Jiangsu Ruifan Energy Saving Technology Service Co., Ltd. reported total revenues of CNY 58.9 million, total assets of CNY 192.4 million, operating profit of CNY 21.2 million, net income of CNY 22.2 and net assets of CNY 93.8 million. The transaction is subject to shareholders' approval. On July 12, 2017, Board of Jiangsu Shentong Valve Co., Ltd. approved the transaction. The transaction was approved in Jiangsu Shentong Valve Co., Ltd.'s 4th extraordinary general meeting on July 31, 2017.