Kangde Xin Composite Material Group Co., Ltd. (SZSE:002450) signed acquisition intent and framework agreement to acquire unknown minority stake in Shanghai Aobang Automotive Accessories Co., Ltd. from Lu Ziqing, Wang Zhirui, Yue Huiming and Meng Juntao on September 5, 2018. Consideration will be pay by way of shares issuance or a combination of cash payment and shares issuance. This transaction is subject to the approval of Kangde Xin Composite Material Group Co., Ltd. directorate meeting, shareholders’ meeting approval and approval of China Securities Regulatory Commission. DeHeng Law Offices acted as legal advisor, Asia Pacific CPA (Group) Co., Ltd acted as accountant and Hengtai Changcai Securities Co., Ltd. acted as financial advisor to Kangde Xin Composite Material Group Co., Ltd. Kangde Xin Composite Material Group Co., Ltd. (SZSE:002450) cancelled the acquisition of unknown minority stake in Shanghai Aobang Automotive Accessories Co., Ltd. from Lu Ziqing, Wang Zhirui, Yue Huiming and Meng Juntao on September 5, 2019.