Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) signed an equity transfer agreement to acquire 51% stake in Tongliao Zeqiang Pharmaceutical Co., Ltd. from Cheng Xiumei for approximately CNY 270 million on September 29, 2017. Post completion of the transaction, Laobaixing Pharmacy Chain Joint Stock Company will hold 51% stake in Tongliao Zeqiang Pharmaceutical Co., Ltd. and control the companies, Inner Mongolia Zeqiang Pharmaceutical Co., Ltd., and Xing'anmeng Zeqiang Pharmaceutical. Co., Ltd. The transaction was approved by the Board of Directors of Laobaixing Pharmacy Chain Joint Stock Company in the 36th session of 2nd meeting. Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) cancelled the acquisition of 51% stake in Tongliao Zeqiang Pharmaceutical Co., Ltd. from Cheng Xiumei on September 29, 2018.