New Hope Dairy Co., Ltd. (SZSE:002946) entered into an agreement to acquire 60% stake in Ningxia Huanmei Milk Development Ltd. from Wumei Technology Group Co., Ltd., Ascendent Dairy (HK) Limited and Longtop Management Limited for CNY 1 billion on April 28, 2020. Wumei Technology will sell 3.6% stake, Ascendent Dairy will sell 27% stake and Longtop Management will sell 29.4% stake. Ningxia Huanmei Milk Development reported total assets of CNY 1 billion and owner’s equity of CNY 410.14 million as of November 30, 2019. On April 28, 2020, Wumei Technology’s shareholders’ meeting approved the transaction, Longtop Management’s sole director and Ascendant’s directorate approved the transaction on April 29, 2020 and New Hope Dairy’s directorate approved the transaction on May 5, 2020. The transaction is subject to approval from New Hope Dairy’s shareholders and State Administration for Market Regulation Antitrust Bureau. Citic Securities Co., Ltd. acted as the financial advisor, Zhong Lun Law Firm acted as the legal advisor and KPMG Huazhen CPAs acted as accountant for New Hope Dairy. New Hope Dairy Co., Ltd. (SZSE:002946) completed the acquisition of 60% stake in Ningxia Huanmei Milk Development Ltd. from Wumei Technology Group Co., Ltd., Ascendent Dairy (HK) Limited and Longtop Management Limited on July 30, 2020.