Ocean's King Lighting Science & Technology Co., Ltd. (SZSE:002724) agreed to acquire 51% stake in Shenzhen Mingzhihui Construction Engineering Co., Ltd. from Shenzhen Laimeng Construction Partnership Enterprise (Limited Partnership), Zhu Kai and Tong Li for approximately CNY 310 million on September 6, 2019. Zhu Kai will sell 25.4% stake for CNY 55.6 million cash and 14.1 million shares, Tong Li will sell 5.6% stake for CNY 12.2 million cash and 3.1 million shares and Shenzhen Laimeng Construction Partnership Enterprise (Limited Partnership) will sell 20% stake for 18.9 million shares. The cash portion will be funded from a private placement by Ocean's King Lighting Science & Technology Co., Ltd. for CNY 135.7 million. For the year ended December 31, 2018, Shenzhen Mingzhihui Construction Engineering Co., Ltd. reported total assets of CNY 412.3 million, revenues of CNY 398.2 million and net income of CNY 49 million. The deal requires approval from shareholders of Ocean's King Lighting Science & Technology Co., Ltd. and China Securities Regulatory Commission. The Board of Directors of Ocean's King Lighting Science & Technology Co., Ltd. approved the deal on September 6, 2019. The internal decision-making bodies of Shenzhen Mingzhihui Construction Engineering Co., Ltd. and Shenzhen Laimeng Construction Partnership Enterprise (Limited Partnership) also approved the deal. As of October 9, 2019, shareholders of Ocean's King Lighting Science & Technology Co., Ltd. approved the deal. As on December 1, 2019, China Securities Regulatory Commission rejected the acquisition of Shenzhen Mingzhihui Construction Engineering Co., Ltd. As of February 2020, the transaction is still subject to approval from China Securities Regulatory Commission. As of March 4, 2020, Ocean's King Lighting Science & Technology received regulatory approval for the transaction. Tang Wei and Deng Yonghui of China Merchants Securities Co., Ltd. (SHSE:600999) acted as financial advisor, Zhang Xin, Liu Congzhen and Yuan Jin of China Commercial Law Firm acted as legal advisor and Wang Xiangfei and Zhou Qiang of China Audit Asia Pacific Certified Public Accountants Co., Ltd. acted as auditors for Ocean's King Lighting Science & Technology Co., Ltd.