Wuxi Public Utilities Industrial Group Co., Ltd. signed a share transfer agreement to acquire 12.13% stake in Nanfang Zhongjin Environment Co., Ltd. (SZSE:300145) from Shen Jinhao for CNY 1 billion on August 12, 2019. Under the terms of transaction, Wuxi Public Utilities Industrial Group Co., Ltd. will acquire 233.3 million shares at CNY 4.42 each. Post share transfer, Wuxi Public Utilities Industrial Group Co., Ltd. will hold 361.19 million shares of the Nanfang Zhongjin Environment Co., Ltd. accounting for 18.78% of the Nanfang Zhongjin Environment Co., Ltd.'s total share capital. The matter is still subject to approval from responsible department in authority. Recently, Nanfang Zhongjin Environment Co., Ltd. received the notice of approval forwarded by Wuxi Public Utilities Industrial Group Co., Ltd. informing that the State-owned Assets Supervision and Administration Commission of Wuxi City has in principle approved this transaction. This share transfer still needs to be submitted to the Shenzhen Stock Exchange for compliance review and relevant share transfer procedures need to be handled at the China Securities Depository and Clearing Co., Ltd. Shenzhen branch.