Lanpec Technologies Limited (SHSE:601798) agreed to acquire a 24% stake in Shanghai Hoto Engineering Inc. from a group of sellers for approximately CNY 190 million on November 23, 2016. The group of sellers comprises of Zhang Han, Chen Shouchuang, Zhang Minghui, Lu Laiguang, Zhang Jingli, Wang Zongxin, Zhang Jian, Hua Qingfei, Zhang Jian, Cai Mingjian, Qiu Fangqing, Yang Guangyao, Li Lixin, Wu Changjiang , Li Zhiyong, Zhong Xiaoping, Qin Jinsong, Zhang Min, Zhang Zhicheng, Chen Na, Pang Zuoyu, Li Yanlei, Li Mingbo, Zhu Tao, Wang Li, Tang Jing, Shao Haiyong, Li Guanghe, Ju Kemin, Li Bo, Fan Lian , Xu Peng and Wang Lu. Lanpec Technologies Limited will use self financed funds for the acquisition. During the year ended December 31, 2015, Shanghai Hoto Engineering Inc. had total assets of CNY 303.4 million, net assets of CNY 149.62 million, operating revenue of CNY 106.48 million, and net loss of CNY 2.6 million. The Board of Directors of Lanpec Technologies Limited approved the transaction on November 23, 2016. Lanpec Technologies Limited (SHSE:601798) cancelled the acquisition of 24% stake in Shanghai Hoto Engineering Inc. from a group of sellers on November 23, 2017.