Ningbo United Group Co., Ltd. (SHSE:600051) agreed to acquire Hangzhou Shengyuan Real Estate Development Co., Ltd. from Zhejiang Rongsheng Holding Group Co., Ltd. and Saintyear Holding Group CO.,LTD. for CNY 2.3 billion on April 2, 2018. The consideration will be paid through issuance of 268.7 million shares of Ningbo United Group Co., Ltd. Under the terms, Zhejiang Rongsheng Holding Group Co., Ltd. will sell 60.82% and Saintyear Holding Group Co., Ltd. will sell 39.18% stake in Hangzhou Shengyuan Real Estate Development Co., Ltd. For the year ended December 31, 2017, Hangzhou Shengyuan Real Estate Development Co., Ltd. had total assets of CNY 4.05 billion, net assets of CNY 429.66 million, revenues of CNY 296.92 million, and net profit of CNY 187.61 million. The transaction is subject to secondary approval of the Board of Directors of Ningbo United Group Co., Ltd. after Hangzhou Shengyuan Real Estate Development's assets' audit and assembly work are completed, shareholders' approval of Ningbo United Group Co., Ltd. and approval of China Securities Regulatory Commission. On April 2, 2018, the transaction was approved by the Board of Directors of Ningbo United Group Co., Ltd. in the 2nd meeting of 2018 of 8th directorate. Zhejiang Rongsheng Holding Group Co., Ltd. and Saintyear Holding Group Co., Ltd.’s internal decision-making institutions approved the transaction as of April 2, 2018. As on November 30, 2019, at the first extraordinary meeting of 2019 and the ninth directorate meeting of 2019 adjusted the plan. According to new plan, Ningbo United Group Co.,Ltd. will be acquiring only 60.82% stake in Hangzhou Shengyuan Real Estate Development Co., Ltd. from Zhejiang Rongsheng Holding Group Co., Ltd. for approximately CNY 1.1 billion by issuing approximately 180 million shares. On November 30, 2019, Board of Ningbo United Group approved the adjusted plan. As of December 18, 2019, the transaction was adopted by the shareholders of Ningbo United Group. On December 26, 2019, Ningbo United received "Application Acceptance Form for Administrative License of China Securities Regulatory Commission". On April 7, 2020, Ningbo United Group convened the first interim meeting of the ninth board of directors in 2020 to review and approve the reorganization and update of financial data. China Securities Regulatory Commission disapproved the transaction on May 13, 2020. On October 9, 2020, parties signed supplemental agreement under which consideration has been changed from 181.088 shares to 181.58 million shares. The transaction still need the approval of the China Securities Regulatory Commission. He Meng, Yang Xin, Huang Yong’an and Ma Rui, Zeng Jian of HUAXI Securities Co., Ltd. (SZSE:002926) acted as an independent financial advisors to Ningbo United Group Co., Ltd. Wei Shaohui and Yi Wenyu of Shu Jin Law Firm acted as legal advisors to Ningbo United Group Co., Ltd. Chen Zhiwei and Chen Qi of Pan-China Certified Public Accountants LLP acted as accountants to Ningbo United Group Co., Ltd. Ningbo United Group Co., Ltd. (SHSE:600051) cancelled the acquisition of 60.82% stake in Hangzhou Shengyuan Real Estate Development Co., Ltd. from Zhejiang Rongsheng Holding Group Co., Ltd on December 4, 2020. The transaction was terminated as based on the current market environment and other reasons, the conditions for continuing to advance the issue of shares to purchase assets are not yet mature at this stage. The Board of Directors of Ningbo United Group Co., Ltd. approved the termination.