Soyea Technology Co., Ltd. (SZSE:000909) agreed to acquire 94.05% stake in Hangzhou East Software Park Co.,Ltd. from Hangzhou Info-Tech Co., Ltd., Jiurong New Energy Technology Co., Ltd., Suzhou Hanrun Culture & Tourism Development Co., Ltd. and others on February 9, 2020. In a related transaction, Soyea Technology also agreed to acquire 50% stake in Hangzhou Chengyuan Property. Soyea Technology will pay the combined consideration of CNY 800 million by way of shares issue and cash. On March 12, 2020, Soyea Technology signed an acquisition agreement to acquire 88.8309% stake in Hangzhou East Software Park Co.,Ltd. from Hangzhou Info-Tech Co., Ltd. and Suzhou Hanrun Culture & Tourism Development Co., Ltd. for approximately CNY 530 million. Soyea Technology will make the acquisition through issuing 46.64 million shares and making a cash payment of CNY 117.75 million. Soyea Technology will raise funds by issuing shares and the proceeds amounting to CNY 167.62 million of the share issue will be used to pay the cash consideration. Hangzhou East Software has total revenue of CNY 211.94 million, total assets of CNY 743.64 million, an operating profit of CNY 48.62 million, net profit of CNY 37.27 million and net assets of CNY 391.41 million as of December 31, 2019. The transaction is approved by the shareholder Westlake Electronics Group of Soyea Technology and Board of Directors of Soyea Technology. The transaction is subject to the approval of Board of directors of Soyea Technology, China Securities Regulatory Commission, State-owned Assets Supervision and Administration Department, shareholders of Soyea Technology and other necessary approvals. 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. On July 3, 2020, Soyea Technology received approval for issuance of shares and the payment of cash to purchase assets and raise supporting funds. Tian Shangqing, Liu Jiaxia, Wang Zhen, Sun Zhe, Zhang Yucheng, Qin Jing and Zhao Sheng of Minsheng Securities Co., Ltd. acted as an independent financial advisor, Lv Chonghua, Yu Ye and Kong Shuyun of T&C Law Firm acted as legal advisor, Yang Duanping, Li Hong, Ren Cheng, Hong Wei, Zhao Anqi and Wang Qianyu of Zhonghui Certified Public Accoutants LLP acted as auditors to Soyea Technology. Soyea Technology Co., Ltd. (SZSE:000909) completed the acquisition of 88.83% stake in Hangzhou East Software Park Co.,Ltd. from Hangzhou Info-Tech Co., Ltd., Jiurong New Energy Technology Co., Ltd., Suzhou Hanrun Culture & Tourism Development Co., Ltd. and others on October 13, 2020.