Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) agreed to acquire the remaining 35% stake in Lanzhou Huirentang Pharmacy Chain Store Co., Ltd. from Zhang Hu for approximately CNY 240 million on January 4, 2021. The transaction will be funded using working capital loan of CNY 239.35 million. Laobaixing Pharmacy Chain Joint Stock Company presently holds 65% stake in Lanzhou Huirentang Pharmacy Chain Store Co., Ltd. and after completion the company will own 100% stake in Huirentang. As of November 2020, Lanzhou Huirentang Pharmacy Chain Store Co., Ltd. reported total assets of CNY 699.66 million, owner's equity of CNY 203.65 million. This transaction still needs to be approved by the shareholders’ meeting of Laobaixing Pharmacy Chain Joint Stock Company. The transaction was approved by the board of Laobaixing Pharmacy Chain Joint Stock Company on January 4, 2021. Laobaixing Pharmacy Chain Joint Stock Company (SHSE:603883) completed the acquisition of remaining 35% stake in Lanzhou Huirentang Pharmacy Chain Store Co., Ltd. from Zhang Hu on January 25, 2021. ON janaury 25, 2021, Laobaixing Pharmacy received a notice from Huirentang and completed the registration procedures for industrial and commercial changes and obtained the "Business License" renewed by the Lanzhou New Area Market Supervision Administration.