Shandong Qixing Iron Tower Co., Ltd. (SZSE:002359) and its wholly owned subsidiary agreed to acquire Beixun Telecom Corp. from a group of sellers for CNY 3.6 billion in cash on July 1, 2015. The group of sellers comprise of Chang'an International Trust Co., Ltd., Tianjin Zhongronghe Technology Co., Ltd., Shenzhen Qidi Zhongda Investment Enterprise (Limited Partnership), Wei Guoli, Xing Yong, Ge Ping, Zhang Xudong, Li Zhenyu, Zhang Guoguang, Sun Zhuo, Ren Xiaoyu and Zhang Ou. Shandong Qixing Iron Tower Co., Ltd. intends to finance the transaction through CNY 6.3 billion private placement. For the period ending December 31, 2014, Beixun Telecom Corp. reported total assets of CNY 1.3 billion, total liabilities of CNY 826.1 million, net assets of CNY 496.14 million, revenue of CNY 144.82 million, shareholders’ equity of CNY 496.14 million, and net profit of CNY 4.49 million. Shandong Qixing Iron Tower Co., Ltd.'s Board of Directors approved the transaction. The transaction is subject to approval by Shandong Qixing Iron Tower Co., Ltd.’s shareholders’ meeting and by CSRC. Avic Securities Co., Ltd acted as financial advisor, Zhong Lun Law Firm acted as legal advsior, and Shandong Hexin Certified Public Accountants acted as an accountant for Shandong Qixing Iron Tower Co., Ltd. Shandong Qixing Iron Tower Co., Ltd. (SZSE:002359) and its wholly owned subsidiary cancelled the acquisition of Beixun Telecom Corp. from a group of sellers on July 1, 2016.