NARI Technology Co., Ltd. (SHSE:600406) signed a major asset reorganization framework agreement to acquire Beijing SG-EPRI UHV Transmission Technology Co., Ltd. from State Grid Electric Power Research Institute for approximately CNY 750 million on March 27, 2017. The consideration will be issued in shares and cash. As of July 31, 2017, the terms of the transaction were amended. NARI Technology Co., Ltd. will now pay approximately CNY 760 million as the consideration. In related transactions, NARI Technology Co., Ltd. agreed to acquire stakes in 13 companies. To fund the cash portion of the considerations, NARI Technology Co., Ltd. plans to raise supporting funds of not more than CNY 6.1 billion. For the year ended December 31, 2016, Beijing SG-EPRI UHV Transmission Technology Co., Ltd. reported total revenues of CNY 632.53 million, total assets of CNY 462.33 million, operating profit of CNY 59.11 million, net income of CNY 51.05 million and net assets of CNY 37.71 million. The transaction is subject to approval from the Board of NARI Technology Co., Ltd. for the formal transaction plan, approval of State Grid Electric Power Research Institute for the formal plan, approval of State-owned Assets Supervision and Administration Commission's Filing, approval of Beijing SG-EPRI UHV Transmission Technology Co., Ltd. Assets’ Audit and Assessment Reports, NARI Technology Co., Ltd's shareholders' approval, 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. 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. 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. On December 8, 2017, the transaction was approved by the China Securities Regulatory Commission. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor for NARI Technology Co., Ltd. in the transaction.