Zhejiang Noblelift Equipment Joint Stock Co., Ltd. (SHSE:603611) agreed to acquire 90% stake in Wuxi Jiesi Logistics Equipment Co., Ltd. from Zhang Ke, Zhang Yuanchao and Zhang Yaoming for approximately CNY 540 million on July 5, 2016. Zhang Ke, Zhang Yuanchao and Zhang Yaoming will sell 70.11%, 18.92% and 0.97% stake respectively in Wuxi Jiesi Logistics Equipment Co. The consideration payable is CNY 216 million in cash and offering of 14.87 million shares at CNY 21.79 each. Zhejiang Noblelift Equipment Joint Stock Co., Ltd plans to raise up to CNY 239 million in private placement of shares to fund acquisition. Wuxi Jiesi Logistics Equipment Co. had total assets of CNY 410.82 million, net assets of CNY 101.33 million, revenue of CNY 153.79 million, EBIT of 8.74 million and net profit of CNY 15.73 million in 2015. The transaction is subject to approval from the shareholders of Zhejiang Noblelift Equipment Joint Stock Co. and CSRC. Noblelift Equipment held the 23rd session of the 5th directorate meeting on July 4, 2016, which approved the deal. The transaction has been approved by the shareholders of Wuxi Jiesi Logistics Equipment Co., Ltd. on July 4, 2016. As on August 22, 2016, the shareholders of Zhejiang Noblelift Equipment Joint Stock Co., Ltd. (SHSE:603611) approved the transaction. As of November 2, 2016 China Securities Regulatory Commission (CSRC) approved the transaction. As of December 20, 2016, CSRC approved the Zhejiang Noblelift Equipment Joint Stock Co., Ltd. to issue 11.74 million shares to Zhang Ke, 3.13 million shares to Zhang Yuanchao as the consideration and 10.97 million shares to raise the supporting funds for the acquisition. GF Securities Co., Ltd. (SZSE:000776) acted as the financial advisor, T&C Law Firm acted as the legal advisor and Pan-China Certified Public Accountants LLP acted as the accountant to Zhejiang Noblelift Equipment Joint Stock Co., Ltd. Zhejiang Noblelift Equipment Joint Stock Co., Ltd. (SHSE:603611) completed the acquisition of 90% stake in Wuxi Jiesi Logistics Equipment Co., Ltd. from Zhang Ke, Zhang Yuanchao and Zhang Yaoming on December 27, 2016.