Shandong Hi-speed Company Limited (SHSE:600350) and Shandong Hi-Speed Sichuan Industrial Development Co., Ltd. agreed to acquire Luzhou Southeast Highway Development Co., Ltd. from Bosideng Co., Ltd. and Shandong Kangbo Industry Co., Ltd. for approximately CNY 18.4 billion on December 13, 2019. Shandong Hi-speed Company Limited will acquire 80% stake and Shandong Hi-Speed Sichuan Industrial Development Co., Ltd. will acquire 20% stake in Luzhou Southeast Highway Development Co., Ltd. For the year ended December 31, 2018, Luzhou Southeast Highway Development Co., Ltd. reported total assets of CNY 4.8 billion, net assets of CNY 752.7 million, revenue of CNY 305.21 million and net profit of CNY 14.39 million. This connected transaction needs to be submitted to Shandong Hi-speed Company Limited's shareholders meeting for consideration and approval. On December 13, 2019, the 43rd Meeting of the Fifth directorate of Shandong Hi-speed Company Limited reviewed and approved the transaction. The transaction for the acquisition of 80% stake by Shandong Hi-speed Company Limited was approved by majority in the 3rd extraordinary shareholders’ meeting, held on December 31, 2019. Shandong Hi-speed Company Limited (SHSE:600350) and Shandong Hi-Speed Sichuan Industrial Development Co., Ltd. completed the acquisition of Luzhou Southeast Highway Development Co., Ltd. from Bosideng Co., Ltd. and Shandong Kangbo Industry Co., Ltd. on January 13, 2021.