Jiangsu Yitong High-Tech Co., Ltd. (SZSE:300211) agreed to acquire Hangzhou Huawang Information Technology Co., Ltd. from a group of shareholders for approximately CNY 1.3 billion on September 25, 2019. An agreement was signed on September 26, 2019. Jiangsu Yitong High-Tech Co., Ltd. will pay consideration in form of cash and share issuance. The 74.69% of the transaction price, that is CNY 963.5 million, will be paid via share issuance, while 25.31% of the price, that is CNY 326.5 million, will be paid via cash. Jiangsu Yitong High-Tech will issue class A shares to not more than 5 specific investors to raise supporting funds of not more than CNY 350 million which will be used to finance the transaction. Hangzhou Huawang Information Technology reported CNY 326.12 million of revenue, CNY 425.34 million of total assets, CNY 111.36 million of operating profit, CNY 92.79 million of net income and CNY 236 million of total common equity for the year ending reported on December 18, 2018. The transaction is subject to approval from Board of Directors and shareholders of Jiangsu Yitong High-Tech Co., Ltd., regulatory approval. On September 25, 2019, the transaction is approved by shareholders of Hangzhou Huawang Information Technology Co., Ltd. On September 26, 2019, the transaction is approved by Board of Directors of Hangzhou Huawang Information Technology Co., Ltd. and Jiangsu Yitong High-Tech Co., Ltd. On January 20, 2020, the sixth meeting of the seventh session of the directorate of Jiangsu Yitong High-Tech Co., Ltd. approved the reorganization of specific transaction plans and other related proposals. Transaction is still subject to approval from China Securities Regulatory Commission. On February 20, 2020, the shareholders of Jiangsu Yitong High-Tech Co., Ltd. approved the transaction. On April 7, 2020, the ninth meeting of the seventh session of the Board of Directors of Jiangsu Yitong High-Tech Co., Ltd. approved the relevant proposals for adjusting the transaction. On April 12, 2020, the tenth meeting of the seventh session of the Board of Directors of Jiangsu Yitong High-Tech Co., Ltd. approved the proposal on signing the supplementary agreement. On April 24, 2020, Jiangsu Yitong High-Tech Co., Ltd.'s second extraordinary general meeting of shareholders approved the relevant proposals to adjust the transaction. As on May 29, 2020, China Securities Regulatory Commission held the 23rd M&A and Restructuring Committee Work Conference in 2020. Yitong High-Tech Co., Ltd. issued shares and paid cash to purchase assets and raised supporting funds and related transactions for review. According to the audit results of the meeting, the Yitong High-Tech Co`s current issuance of shares and payment of cash to purchase assets and raise supporting funds and related transactions have not been approved. According to the relevant provisions of the "Administrative Measures on the Major Asset Restructuring of Listed Companies" and "Guiding Opinions on Improving the System for the Suspension and Resumption of Stock of Listed Companies" and other relevant regulations, after Yitong High-Tech Co applies to the Shenzhen Stock Exchange, the Yitong High-Tech Co`s stock will resume trading from the market opening on the morning of June 1, 2020. First Capital Investment Banking Co., Ltd. acted as financial advisor, Capital Law & Partners acted as legal advisor and Lixin Zhonglian Certified Public Accountants acted as an accountant to Jiangsu Yitong High-Tech. Jiangsu Yitong High-Tech Co., Ltd. (SZSE:300211) cancelled the acquisition of Hangzhou Huawang Information Technology Co., Ltd. from a group of shareholders on December 18, 2020. Due to the long duration of this transaction, the Board of Directors and Supervisors of Jiangsu Yitong High-Tech Co., Ltd. approved the termination.