NARI Technology Co., Ltd. (SHSE:600406) agreed to acquire Nanjing NARI Information & Communication Technology Co., Ltd. from NARI Group Corporation for approximately CNY 990 million on May 17, 2017. In a related transaction, NARI Technology Co., Ltd. agreed to acquire stake in 13 other companies. As of July 31, 2017, the terms of the deal were amended. NARI Technology Co., Ltd. will pay CNY 1.03 billion as consideration. The transaction will be funded by CNY 6.1 billion funds raised by NARI Technology Co., Ltd. by issuing shares. For the year ended December 31, 2016, Nanjing NARI Information & Communication Technology Co., Ltd. reported total assets of CNY 767.2 million, net assets of CNY 99.9 million, revenue of CNY 656.3 million, operating profits of CNY 108.1 million and net profits of CNY 98.7 million. The transaction is subject to approval from Board of NARI Technology Co., Ltd., approval from NARI Group Corporation, SASAC’s filing and approval of the Nanjing NARI Information & Communication Technology Co., Ltd's assets’ audit and assessment reports; shareholders of NARI Technology Co., Ltd., Ministry of Commerce’s Review on the Concentration of Business Operators; China Securities Regulatory Commission approval and other necessary approvals. The transaction has been approved by NARI Group Corporation, the State-owned Assets Supervision and Administration Department’s Agreement in Principle and Board of NARI Technology Co., Ltd. The amendment was approved by the 13th meeting of 6th directorate of NARI Technology Co., Ltd. on July 31, 2017. As of August 18, 2017, the State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. On August 21, 2017, the transaction was approved by the shareholders of NARI Technology Co., Ltd. at 3rd extraordinary shareholders’ meeting of 2017. As on October 21, 2017, NARI Technology Co., Ltd. recently received the notice of not implementing further examination issued by the Anti-monopoly Bureau of the Ministry of Commerce of the People’s Republic of China. On October 25, 2017, Merger, Acquisition and Reorganization Examination Committee of Listed Companies of the China Securities Regulatory Commission held the 61st working meeting of 2017 and unconditionally approved the transaction. As on December 8, 2017, NARI Technology Co., Ltd. received further approval from CSRC in regard of asset acquisition. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor for NARI Technology Co., Ltd.