Huarong Jinshang Asset Management Co., Ltd. signed the equity transfer agreement to acquire 100% Stake in 7 Wholly-owned Subsidiaries from Shanxi Coal International Energy Group Co.,LTD. (SHSE:600546) for CNY 7 on September 8, 2016. The consideration was CNY 1 for each subsidiary. The transaction includes sale of Shanxi Coal International Energy Group Datong Co., Ltd., Shanxi Coal International Energy Group Datong Operation Co., Ltd., Shanxi Coal International Energy Group Jincheng Jinlu Coal Operation Co., Ltd., Shanxi Coal International Energy Group Lianyungang Co., Ltd., Shanxi Coal International Energy Group Shuozhou Co., Ltd., Shanxi Coal International Energy Group Tonghai Char Co., Ltd. and Shanxi Coal International Energy Group Yangquan Co. ,Ltd. The 7 subsidiaries had total assets of CNY 3.9 billion, net liabilities of CNY 1.69 billion, revenue of CNY 7.48 billion and net loss of CNY 846.17 million as of December 31, 2015. The transaction is subject to evaluation result of the underlying assets needs to be approved and filed, approval in the meeting of the shareholders of Shanxi Coal International Energy Group Co. which is scheduled on September 29, 2016 and approval of SASAC of Shanxi Province. As of October 28, 2016, the transaction was approved by the 4th extraordinary shareholders meeting of 2016 of Shanxi Coal International Energy Group. The Board of Shanxi Coal International Energy Group Co. approved the transaction on September 8, 2016. BDO China SHU LUN PAN Certified Public Accountants LLP acted as legal advisor for Shanxi Coal International Energy. Huarong Jinshang Asset Management Co., Ltd. completed the acquisition of 100% Stake in 7 Wholly-owned Subsidiaries from Shanxi Coal International Energy Group Co.,LTD. (SHSE:600546) on December 16, 2016.