Shanghai Guijiu Co.,Ltd. (SHSE:600696) entered into an agreement to acquire 25% stake in Jiangxi Zhanggong Liquor Industry Co., Ltd/Ganzhou Changjiang Industrial Co., Ltd from for Shanghai Guijiu Enterprise Development Co., Ltd. for CNY 86 million on December 14, 2020. Under the terms, 25% stake in Jiangxi Zhanggong Liquor Industry Co., Ltd will be acquired CNY 72.3 million and 25% stake in Ganzhou Changjiang Industrial will be acquired for CNY 13.7 million. Jiangxi Zhanggong and Ganzhou Changjiang reported total assets of CNY 246.4 million and net assets of CNY 55.6 million as of June 1, 2020. As of December 30, 2020, the transaction has been approved by the shareholders of Shanghai Guijiu.