Shenyang Commercial City Co.,Ltd. (SHSE:600306) agreed to acquire Chongde Property Management (Shenzhen) Co., Ltd. from Mao Ye (China) Investment Limited for approximately CNY 790 million on June 5, 2020. Under the transaction, Shenyang Commercial will issue 198.9 million shares to shareholders of Chongde Property. On August 25, 2020, under the deal terms revised, Shenyang Commercial will now issue 210.9 million shares to shareholders of Chongde Property. As of September 13, 2020, Shenyang Commercial City Co.,Ltd. will issue 203.85 million shares as consideration. Chongde Property Management reported CNY 588.01 million in total assets, CNY 331.71 million in net assets, CNY 230.039 million in revenue and CNY 60.33 million in net profit for the year ended December 31, 2019. Transaction is subject to approval Shenyang Commercial City’s shareholder approval, second approval of the Board of Directors of Shenyang Commercial City after Chongde Property Management’s assets’ audit and assessment work are completed and CSRC approval. As on June 5, 2020, Board of Directors of Mao Ye (China) Investment Limited have approved the transaction. Shareholder of Chongde Property Management (Shenzhen) Co., Ltd approved the transaction and Board of Directors of Shenyang Commercial City Co.,Ltd. have approved the transaction. The transaction was not passed in the fifth extraordinary general meeting of shareholders of Shenyang Commercial City on September 29, 2020. Huatai United Securities Co., Ltd. acting as an independent financial advisor to Shenyang Commercial City. Zhong Lun Law Firm acted as legal advisor to Shenyang Commercial and Ernst & Young Hua Ming LLP acted as accountant to Chongde Property Management (Shenzhen) Co., Ltd. Shenyang Commercial City Co.,Ltd. (SHSE:600306) cancelled the acquisition of Chongde Property Management (Shenzhen) Co., Ltd. from Mao Ye (China) Investment Limited on May 30, 2021.