Shanghai AJ Group Co., Ltd. (SHSE:600643) entered into letter of intent to acquire Shanghai Huarui Financing and Leasing Co. Ltd. from Juneyao Airlines Co., Ltd (SHSE:603885) and Shanghai Juneyao Airline Hong Kong Limited on January 23, 2017. On May 10, 2018, Shanghai AJ Group Co., Ltd. signed a stake transfer agreement to acquire Shanghai Huarui Financing and Leasing Co. Ltd. from Juneyao Airlines Co., Ltd (SHSE:603885) and Shanghai Juneyao Airline Hong Kong Limited for CNY 1.5 billion. The consideration will be paid in cash. As of September 30, 2016, Shanghai Huarui Financing and Leasing Co. Ltd. had total assets of CNY 3.02 billion and net assets of CNY 564.13 million. The Board of Directors of Juneyao Airlines Co., Ltd and Shanghai AJ Group Co., Ltd. approved the transaction on January 23, 2017. The transaction is subject to approval of Shanghai AJ Group Co., Ltd. and regulatory authorities. On May 22, 2017, the transaction is approved by shareholders of Juneyao Airlines Co., Ltd. On May 10, 2018, the Board of Directors of Juneyao Airlines Co., Ltd approved the signing of stake transfer agreement. On May 31, 2018, the shareholders of Juneyao Airlines Co., Ltd and Shanghai AJ Group Co., Ltd. approved the transaction. As of July 26, 2018, related audit and appraisal work was completed.

Shanghai AJ Group Co., Ltd. (SHSE:600643) cancelled the acquisition of Shanghai Huarui Financing and Leasing Co. Ltd. from Juneyao Airlines Co., Ltd (SHSE:603885) and Shanghai Juneyao Airline Hong Kong Limited on January 27, 2019.