Jining City Urban Construction Investment Co., Ltd signed the share transfer agreement to acquire 6% stake in Jiangyin Hengrun Heavy Industries Co., Ltd (SHSE:603985) from Chenglixin for approximately CNY 480 million on January 26, 2021. Jining City Urban Construction Investment Co., Ltd signed a supplement agreement to acquire 7% stake in Jiangyin Hengrun Heavy Industries Co., Ltd (SHSE:603985) from Chenglixin for approximately CNY 470 million on February 4, 2021. As per terms, Jining City Urban Construction Investment Co., Ltd will acquire 12.23 million shares at CNY 39.35 per share. As per revised terms, Jining City Urban Construction Investment Co., Ltd will acquire 14.27 million shares at CNY 32.79 per shareAs per terms of the consideration, CNY 144.38 million (30%) shall be paid within three working days from the agreement and remaining CNY 336.89 million (70%) shall be paid within 30 working days of the agreement. Upon completion, Chenglixin reduced its stake to 61.15 million shares representing 30%.