Sany Heavy Industry Co., Ltd (SHSE:600031) entered into an agreement to acquire 91.43% stake in Sany Auto Finance Co., Ltd. from Sany Group Co., Ltd. for CNY 3.4 billion on December 12, 2019. Under the terms, Sany Heavy will pay 40% of the consideration that is CNY 1.6 billion within 15 days and rest of 60% that is CNY 2.4 billion will be paid within 15 days of completion of the transaction. On December 22, 2019, as per the resolutions of 5th Session of 7th Board of Sany Heavy, the transaction price will be CNY 3.4 billion. Sany Auto Finance reported total assets worth CNY 249.2 million. The transaction is subject to approval from Board of Sany Heavy Industry, shareholders of Sany Heavy Industry, shareholders of Sany Auto Finance and regulatory approvals. The transaction has been approved by the Board of Sany Heavy on December 11, 2019. As of June 29, 2020, China Banking and Insurance Regulatory Commission Hunan Supervision Bureau issued the approval for the transaction. As of June 1, 2020, Sany Auto Finance shall complete the relevant statutory change procedures within 6 months from the date of this approval.