Jiangnan Industries Group Co., Ltd. signed an equity transfer intent to acquire remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519) on February 5, 2015. Post closing, Xiangtan Jiangnan Industrial Co., Ltd. will be a wholly owned subsidiary of Jiangnan Industries Group Co., Ltd. On February 5, 2015, Hunan Jiangnan Red Arrow's Directorate approved the transaction. Jiangnan Industries Group Co., Ltd. signed an equity transfer agreement to acquire remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519) for CNY 73.8 million on October 26, 2015.