Shanghai Hongda New Material Co., Ltd. (SZSE:002211) entered into an agreement to acquire Shanghai Guanfeng Information Technology Co., Ltd from Ningbo Meishan Bonded Port Area Jiqin Investment Co., Ltd and Jiangsu Zhuorui Holding Co., Ltd for approximately CNY 230 million on September 9, 2019. Under the terms, Shanghai Hongda New Material will acquire 95% stake and 5% stake from Ningbo Meishan Bonded Port Area Jiqin Investment Co., Ltd. and Jiangsu Zhuorui Holding Co., Ltd respectively. As of December 31, 2018, Shanghai Guanfeng reported total assets worth CNY 44.8 million, net assets worth CNY 22.3 million, revenue worth CNY 4.1 million, operating loss worth CNY 2.7 million and net loss worth CNY 2.7 million. The transaction is subject to approval by shareholders of Shanghai Hongda. The transaction was approved by the Board of Directors of Shanghai Hongda on its 5th directorate’s 16th meeting and on its 5th supervisory board’s 9th meeting held on September 9, 2019.