Zhejiang Firstar Panel Technology Co., Ltd. (SZSE:300256) signed an agreement to acquire the remaining 48.75% stake in Jiangxi Firstar Panel Technology Co., Ltd. from Pingxiang Huifeng Investment Company Limited for CNY 2 billion on March 27, 2020. The consideration will be paid by way of share issuance and cash payment. Under the terms, 237.66 million shares will be issued as share consideration for CNY 1.3 billion and the remaining portion will be paid in cash. Zhejiang Firstar Panel Technology Co., Ltd. will raise CNY 1.3 billion via private placement of which CNY 20 million would be used in the acquisition for payment of intermediary fees and taxes related to the transaction. Jiangxi Firstar Panel Technology Co., Ltd. reported revenue of CNY 1.2 billion, total assets of CNY 3.8 billion, net profit of CNY 23.2 billion and total common equity of CNY 1.5 billion as of December 31, 2019. The transaction is subject to approval of the formal plan by the Zhejiang Firstar Panel Technology Co., Ltd.’s Board of Directors, approval of the formal plan and filing record of the target asset assessment report by the State-Owned Assets Supervision and Administration Commission of Pingxiang City, approval of the formal plan by the Zhejiang Firstar Panel Technology Co., Ltd.’s shareholders and approval from China Securities Regulatory Commission. The transaction is approved by Zhejiang Firstar Panel Technology Co., Ltd.'s Board of Directors and by the internal decision-making body of Pingxiang Huisheng Industrial Investment Management Co., Ltd.