Qingdao Military-Civilian Integration Development Group Co.,Ltd. and Qingdao Development Zone Investment Construction Group Co., Ltd. entered into an agreement to acquire 15% stake in Shandong Shida Shenghua Chemical Group Company Limited (SHSE:603026) from China University of Petroleum Holdings Ltd. for approximately CNY 980 million on March 24, 2020. The transfer price is CNY 32.27 per share. As a part of the transaction, buyers will acquire 30.42 million shares each will acquire 15.2 million shares representing 7.5% stake in Shandong Shida Shenghua Chemical. As of June 29, 2020, Ministry of Finance approved the acquisition.