Shanxi Tond Chemical Co., Ltd. (SZSE:002360) signed a share transfer agreement to acquire the remaining 40% stake in Xinzhou Tongde Civil Explosive Equipment Management Co., Ltd. from a group of sellers for CNY 91 million on April 8, 2017. Post share transfer, Xinzhou Tongde Civil Explosive Equipment Management Co., Ltd. will become Shanxi Tond Chemical Co., Ltd.'s wholly-owned subsidiary. Xinzhou Tongde Civil Explosive Equipment Management Co., Ltd. had total assets of CNY 158.03 million, net assets of CNY 130.35 million, revenue of CNY 319.67 million and net profit of CNY 30.45 million as on December 31, 2016.

The transaction is subject to approval by the shareholders of Shanxi Tond Chemical Co., Ltd. The transaction has been approved by the Board of Directors of Shanxi Tond Chemical Co., Ltd. during the 6th directorate in its 5th meeting. On May 9, 2017, the shareholders of Shanxi Tond Chemical Co., Ltd. approved the deal.