Shunya International Martech (Beijing) Co., Ltd. (SZSE:300612) signed a framework agreement to acquire 93.9615% stake in WETEC (Beijing) Co., Ltd. from Fujian Zhanmei Business Management Partnership Enterprise (Limited Partnership), Fujian Zhongwei Business Management Partnership Enterprise (Limited Partnership), Gongqingcheng Wanshi Yihe Investment Management Partnership Enterprise (Limited Partnership), Qi Yanbin and Liu Wei for approximately CNY 680 million on August 13, 2019. Under the term, Fujian Zhanmei Business Management Partnership Enterprise will transfer 75.4357% stake for CNY 291.95 million of shares, CNY 70 million of convertible bonds and CNY 193.95 million of cash. Fujian Zhongwei Business Management Partnership Enterprise will transfer 12.376% stake for CNY 52.17 million of share and CNY 36.54 million of cash. Qi Yanbin will transfer 4.7940% stake for CNY 14.13 million of shares and CNY 14.13 million of cash. Gongqingcheng Wanshi Yihe Investment Management Partnership Enterprise will transfer 0.8917% stake for CNY 2.63 million of share and CNY 2.63 million of cash. Liu Wei will transfer 0.8025% stake for 3.47 million and CNY 2.44 million of cash. The convertible bonds have an interest rate of 0.01% per year, can be converted to at its standard price of CNY 17.75 per share, will exist for 6 years from the issuance date, and can be converted after 12 months after the first trading day after the issuance date. The bonds cannot be transferred or converted within 12 months from the issuance date. As of December 31, 2018, WETEC (Beijing) reported total assets of CNY 504.64 million, total common equity of CNY 121.31 million, revenue of CNY 1.97 billion and net income of CNY 61.82 million. The transaction is subject to approval of shareholders of WETEC (Beijing) and Shunya International Martech (Beijing), sellers official approvals, second approval from Shunya International Martech (Beijing) directorate after WETEC (Beijing)’s audit and assessment work are completed and the transaction price is confirmed and CSRC's approval. The transaction was approved by the board of directors of Shunya International Martech (Beijing) on the 16th meeting of the 3rd directorate held on August 13, 2019.