Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) agreed to acquire 55 outlets from Kangyixin Drugstore Retail Chain for approximately CNY 110 million on July 2, 2015. The total consideration of CNY 106 million includes CNY 85 million for paying transfer charges and not more than CNY 21 million purchasing stockpiles. Laobaixing Pharmacy Chain Joint Stock Company will pay CNY 24 million within 5 working days after the signing and the effectiveness of the agreement, CNY 18 million within 5 working days after the takeover of the outlets, CNY 20 million within 5 working days after completion of signing the lease contract, CNY 17 million within 5 working days after completion of related procedures and provision of invoices as well, CNY 6 million after completion of 1 year guarantee starting from the physical delivery date, and CNY 24 million will be paid, separately, after completion of physical delivery of the assets. The outlets had sales of CNY 46 million in January 2015, to April 2015 period, and recorded book value of CNY 21.5 million for stockpiles and fixed assets by the end of April 2015. Board of Directors of Laobaixing Pharmacy Chain Joint Stock Company approved the transaction on July 2, 2015. Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) cancelled the acquisition of 55 outlets from Kangyixin Drugstore Retail Chain on July 2, 2016.