Wuxi Public Utilities Industrial Group Co., Ltd. signed an equity transfer letter of intent to acquire 8.78% stake in Nanfang Zhongjin Environment Co., Ltd. (SZSE:300145) from Shen Jinhao and Shen Jieyong for approximately CNY 750 million on November 7, 2018. Shen Jinhao will transfer 127.87 million shares in Nanfang Zhongjin Environment representing a 6.65% stake while Shen Jieyong will transfer 40.97 million shares representing a 2.13% stake to Wuxi Public Utilities Industrial Group Co., Ltd. At the same time, the letter of intent stipulates that after approval from the State-owned assets supervision and administration department, the definitive formal agreement to be signed will add the stipulation of the entrustment of the voting rights of 192.34 million shares held by Shen Jinhao. Recently Nanfang Zhongjin received the approval from the Wuxi Municipal Government to transfer some shares and obtain control rights.