Orient International Enterprise, Ltd. (SHSE:600278) agreed to acquire Shanghai New Union Textra Import & Export Co., Ltd., Shangtex Decoration Co., Ltd. and Shangtex Group International Logistics Co., Ltd. from Shangtex Holding Co., Ltd for CNY 1.2 billion on May 15, 2019. Orient International Enterprise, Ltd. will pay 179.7 million in cash and issue 89.8 million shares in consideration. The pricing benchmark date for the issuance of shares is the date of the announcement of the resolution of the 19th meeting of the 7th directorate, which is CNY 11.43 per share. If during the period from the pricing benchmark date to the issue date, dividends are paid, or bonus shares issued, the issue price will be adjusted accordingly. As of September 30, 2019, Shanghai New Union Textra Import & Export Co., Ltd., Shangtex Decoration Co., Ltd. and Shangtex Group International Logistics Co., Ltd. has total assets of CNY 3.5 billion and owners equity of CNY 702.3 million. The transaction is subject to approval of Shanghai SASAC, the China Securities Regulatory Commission and approval of Orient International Enterprise, Ltd. shareholders' meeting. On May 15, 2019, the counterparties respectively convened Boards of Directors meeting to consider and approve relevant proposals. On May 17, 2019, Orient International Enterprise, Ltd. held the 19th meeting of the 7th directorate to consider and approve the transaction. On October 24, 2019, Shangtex Holding Co.,Ltd convened a Board of Directors to consider and approve the formal plan for the transaction. On October 28, 2019, Orient International Enterprise, Ltd. held the 24th meeting of the 7th directorate to consider and approve the transaction. On November 13, 2019, Orient International Enterprise, Ltd. held the second extraordinary general meeting of shareholders in 2019 to consider and approve the transaction. On March 3, 2020, Orient International Enterprise, Ltd. held the twenty-sixth meeting of the seventh directorate to consider and approve the relevant proposal. As on March 25, 2020, the transaction received approval conditional approval from China Securities Regulatory Commission. As on May 18, 2020, Orient International Enterprise, Ltd. received the China Securities Regulatory Commission approval. Guotai Junan Securities Co., Ltd. (SHSE:601211), Grandall Law Firm and Baker Tilly China Certified Public Accountants acted as financial advisor, legal advisor and accountant for Orient International Enterprise, Ltd. respectively. Orient International Enterprise, Ltd. (SHSE:600278) completed the acquisition of Shanghai New Union Textra Import & Export Co., Ltd., Shangtex Decoration Co., Ltd. and Shangtex Group International Logistics Co., Ltd. from Shangtex Holding Co., Ltd for CNY 1.2 billion on June 2, 2020. The number of shares issued by Orient International to Shangtex Holding Co.,Ltd was adjusted to 90.3 million shares after deducting the cash dividend of CNY 0.065 per share.