Beijing Offcn Education Technology Co., Ltd. agreed to acquire Yaxia Automobile Corporation (SZSE:002607) in a reverse merger transaction on April 27, 2018. On May 4, 2018, an agreement was signed. Yaxia Automobile Corporation is exchanging all its assets and liabilities excluding some retained assets worth CNY 1.4 billion with a portion of 100% Beijing Offcn Education Technology Co., Ltd. which is priced at CNY 18.5 billion. Under the terms revised the difference of swapped-in and swapped-out assets is CNY 17.2 billion is being adjusted by the issuance of 4.7 billion new shares at CNY 3.66 per share to consortium of shareholders of Beijing Offcn in Yaxia Automobile Corporation. In related deal, Beijing Zhonggong Future Information Consulting Center (Limited Partnership) and Li Yongxin agreed to acquire 14.9% in Yaxia Automobile Corporation from Anhui Yaxia Industry Co., Ltd. This transaction is subject to approval from shareholders of Yaxia Automobile Corporation and CSRC. On April 27, 2018, partners of Beijing Aerospace Industry Investment Fund (Limited Partnership), Beijing Guangyin Venture Capital Center (Limited Partnership) and Beijing Jirui Kechuang Investment Center (Limited Partnership) approved the deal and signing of the agreement. On May 2, 2018, the shareholders of Beijing Offcn Education Technology Co., Ltd. approved the deal. On May 4, 2018, the Board of Directors of Yaxia Automobile Corporation approved the deal. As on May 23, 2018, transaction has been approved by the shareholders of Yaxia Automobile. As on September 20, 2018, transaction adjustment has been approved by Board of Directors of Yaxia Automobile. As of November 2, 2018, Yaxia Automobile Corporation received the approval from securities regulatory body. Wu Lingxi and Cui Binbin of Huatai United Securities Co., Ltd. acted as financial advisors, Wu Guanxiong, Zhang Yan and Liu Haitao of Tian Yuan Law Firm acted as legal advisors and Zheng Lei and Wang Jian of Huapu Tianjian (Beijing) Certified Public Accountants Co, Ltd acted as accountants for Yaxia Automobile Corporation. Zhou Baiming, Zhao Yongchun and Shen Xu of Baker Tilly China Certified Public Accountants acted as accountants for Beijing Offcn Education Technology Co., Ltd.