Orient Group Incorporation (SHSE:600811) entered into memorandum of understanding to acquire 92% stake in Huilan Investment Limited from Orient Group Co., Ltd. on June 29, 2021. As of July 13, 2021, The consideration will be paid in cash and shares. For the year ended on December 31, 2020, Huilan Investment Limited reported total asset of CNY 22.6 billion, owners equity of CNY 8.2 billion, operating profit of CNY 650 million, net profit of CNY 500 million. The transaction is subject to due diligence, further negotiations between the parties on key terms such as pricing, entry into definitive documentation and regulatory approvals. The transaction has been approved by the board of Orient Group Incorporation as well as the shareholders of Orient Group Co., Ltd. As of September 3, 2021, the general meeting of shareholders of Orient Group Incorporation reviewed and approved the transaction plan.