Shanghai Shineton Investment Co., Ltd. agreed to acquire 54% in Hunan ProMab Biotechnologies Co., Ltd. from NanHua Bio-medicine Co., Ltd. (SZSE:000504) for CNY 97.2 million on October 14, 2019. The stake is acquired through public bidding at Hunan United Assets and Equity Exchange. A property transaction contract is expected to be signed within 10 working days from October 14, 2019 and this contract must be submitted to Hunan United Assets and Equity Exchange for review and approval. The contract was signed on October 28, 2019 for the acquisition for CNY 97.2 million. As of December 31, 2018, Hunan ProMab Biotechnologies Co., Ltd. has total assets of CNY 43.3 million, net assets of CNY 31.4 million, revenue of CNY 49 million, operating profit of CNY 10.4 million and net profit of CNY 7.6 million. Transaction was approved by Board of Directors of NanHua Bio-medicine Co., Ltd. on October 28, 2019. and is subject to its shareholders approval. On November 26, 2019, NanHua Bio-medicine shareholders approved the transaction at the 1st special shareholders’ meeting for 2019. Wang Yuanting and Zhao Jinhao of Fortune Securities Co., Ltd. acted as financial adviser and Liao Hua and Chen Qiuyue of Hunan Qiyuan Law Firm acted as legal adviser and Li Jian and Zhang Enxue of Pan-China Certified Public Accountants (Special General Partnership) acted as accountants for NanHua Bio-medicine Co., Ltd. in the transaction. Shanghai Shineton Investment Co., Ltd. completed the acquisition of 54% in Hunan ProMab Biotechnologies Co., Ltd. from NanHua Bio-medicine Co., Ltd. (SZSE:000504) on December 17, 2019. On December 17, 2019, the registration modification procedures for this transaction were completed.