NARI Technology Co., Ltd. (SHSE:600406) agreed to acquire Yunnan NARI Electric Technology Co., Ltd. from NARI Group Corporation and Yunnan Provincial Energy Investment Group Co., Ltd. for CNY 20.2 million on May 16, 2017. The consideration will be paid in cash and stock. As of July 31, 2017, the terms of the transaction were amended pursuant to which NARI Technology Co., Ltd. will pay CNY 20.4 million as the consideration. In related transactions, NARI Technology Co., Ltd. agreed to acquire 13 other companies. To fund the cash portion of the considerations, NARI Technology Co., Ltd. will raise CNY 6.1 billion by issuing shares. Yunnan NARI Electric Technology reported total assets of CNY 35.46 million, net assets of CNY 12.01 million, revenue of CNY 29.47 million, operating profit of CNY 1.15 million, and net profit of CNY 0.88 million for the year ended December 31, 2016. The transaction is subject to approval from directorate of NARI Technology, approval of the sellers, SASAC’s filing and approval of the audit and assessment reports, approval from shareholders of NARI Technology, Ministry of Commerce’s review on the concentration of business operators, China Securities Regulatory Commission's approval, and other necessary approvals. As of May 17, 2017, the transaction was approved by State Grid Electric Power Research Institute, approved in principle by State-owned Assets Supervision and Administration Department and approved by the Board of NARI Technology Co., Ltd. in the 11 meeting of the 6th directorate. The amendment was resolved by the 13th meeting of 6th directorate of NARI Technology Co., Ltd. on July 31, 2017. As of August 17, 2017, the transaction received the approval of State-owned Assets Supervision and Administration Commission of the State Council. On August 21, 2017, the transaction was approved by the shareholders of NARI Technology Co., Ltd. at 3rd extraordinary shareholders’ meeting of 2017. As of October 20, 2017, NARI Technology Co., Ltd. received notice from Anti-monopoly Bureau of the Ministry of Commerce of the People’s Republic of China of not implementing further examination of the transaction. CSRC approved the transaction on December 8, 2017. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor for NARI Technology Co., Ltd. NARI Technology Co., Ltd. (SHSE:600406) completed the acquisition of Yunnan NARI Electric Technology Co., Ltd. from NARI Group Corporation and Yunnan Provincial Energy Investment Group Co., Ltd. on December 27, 2017.