Soyea Technology Co.,Ltd. (SZSE:000909) signed a letter of intent to acquire 50% stake in Hangzhou Chengyuan Property Co., Ltd. from Hangzhou Westlake Soyea Software Park Co., Ltd. on February 9, 2020. Soyea Technology Co., Ltd. (SZSE:000909) entered into an agreement to acquire 50% stake in Hangzhou Chengyuan Property Co., Ltd. from Hangzhou Westlake Soyea Software Park Co., Ltd. for approximately CNY 200 million on March 12, 2020. Soyea Technology will acquire the stake of Hangzhou Chengyuan Property by way of issuance of 19.8 million shares and cash payment of CNY 49.9 million. The cash portion of the transaction will be funded through private placement of CNY 167.63 million. In a related transaction, Soyea Technology will also acquire 94.0479% stake in East Software Park Co., Ltd. from Hangzhou Info-Tech Co., Ltd., Jiurong New Energy Technology Co., Ltd., Suzhou Hanrun Culture & Tourism Development Co., Ltd. by way of share issuance and cash payment. The transaction price of the target assets will not exceed CNY 800 million. Hangzhou Chengyuan Property has total revenue of CNY 227,000, total assets of CNY 441.2 million, operating loss of CNY 0.68 million, net loss of CNY 0.5 million and net assets of CNY 297.93 million. The transaction needs to gain the approvals from Soyea Technology's Directorate approving the transaction’s formal plan, State-owned Assets Supervision and Administration Department, Soyea Technology's shareholders’ meeting and CSRC. Soyea Technology will issue shares to not more than 10 specific investors to raise supporting funds to partly fund the cash portion. The transaction was already approved by Soyea Technology 's shareholder, Westlake Electronics Group, counter parties’ internal decision-making process, 30th session of Soyea Technology's 7th directorate. On March 17, 2020, the Hangzhou SASAC filed the assessment reports of the target companies. On March 26, 2020, Soyea held the 33rd Meeting of the 7th Directorate, and approved the revisions to the transaction; the Zhejiang SASAC approved the transaction. On March 31, 2020, Soyea’s Annual General Meeting of 2019 approved the transaction. On May 21, 2020, Soyea held the 36th Meeting of the 7th Directorate, and approved the revisions to the transaction. As of July 6, 2020, Soyea Technology received security regulatory approval to issue shares for consideration to raise funds. Tian Shangqing, Liu Jiaxia, Wang Zhen, Sun Zhe, Zhang Yucheng, Qin Jing, Zhao Sheng of Minsheng Securities Co., Ltd acted as financial advisor to Soyea Technology in the transaction. Lv Chonghua, Yu Ye, Kong Shuyun acted as legal advisor to Soyea Technology in the transaction. Yang Duanping, Li Hong, Ren Cheng, Hong Wei, Zhao Anqi, Wang Qianyu of Zhonghui Certified Public Accoutants Co., Ltd. acted as accountant to Soyea. Soyea Technology Co.,Ltd. (SZSE:000909) completed the acquisition of 50% stake in Hangzhou Chengyuan Property Co., Ltd. from Hangzhou Westlake Soyea Software Park Co., Ltd. on October 13, 2020.