NARI Technology Co., Ltd. (SHSE:600406) agreed to acquire all operating assets and liabilities of NARI Group Corporation from State Grid Corporation of China for approximately CNY 860 million on May 16, 2017. The consideration is payable in cash and stock. As of July 31, 2017, a supplementary agreement was signed pursuant to which the transaction price was amended to CNY 875.96 million. In a related transaction, NARI Technology agreed to acquire 13 other companies from NARI Group Corporation and other sellers. NARI Technology Co., Ltd. will also raise CNY 6.1 billion and a portion of the proceeds shall be used to fund the cash consideration of the transactions. For the year ended December 31, 2016, NARI Group Corporation reported total assets of CNY 8.6 billion, revenues of CNY 9.5 billion, net income of CNY 65.9 million, net assets of CNY 613.3 million and operating income of CNY 55.9 million. The deal requires further approval of formal plan by Board of Directors of NARI Technology Co., Ltd., State Grid Corporation of China, State-owned Assets Supervision and Administration Commission, shareholders of NARI Technology Co., Ltd., Ministry of Commerce, China Securities Regulatory Commission and other necessary approvals. The deal is approved in principle by State-owned Assets Supervision and Administration Department’s Agreement, by Board of Directors of NARI Technology Co., Ltd. and by State Grid Corporation of China. As of May 26, 2017, NARI Technology received an inquiry letter from Shanghai Stock Exchange for the information on the transaction. As of July 18, 2017, the State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. As of July 31, 2017, the amendment to the transaction was approved by the Board of NARI Technology. The shareholders' meeting of NARI Technology will be held on August 21, 2017. As of August 21, 2017, the shareholders of NARI Technology approved the transaction. 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. 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 all operating assets and liabilities of NARI Group Corporation from State Grid Corporation of China on December 27, 2017.