Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) agreed to acquire 55% stake in Wuxi Sanpintang Pharmaceutical Chain Co., Ltd. from Kong Shunhu for CNY 33 million on July 17, 2018. Currently, Kong Shunhu owns a 90% stake in Wuxi Sanpintang Pharmaceutical Chain. Wuxi Sanpintang Pharmaceutical Chain reported operating revenue of CNY 39.4 million, total assets of CNY 14.72 million, operating profit of CNY 0.27 million, net profit of CNY 0.17 million and owner’s liability of CNY 5.8 million for the year ending, December 31, 2017. The transaction was approved by the Board of Laobaixing Pharmacy Chain Joint Stock.