Suzhou Anjie Technology Co., Ltd (SZSE:002635) agreed to acquire Huizhou Weibo Precision Technology Co Ltd from Wu Guiguan, Wu Zhenbo, Ke Xingcha, Huang Qingsheng and Lian Hougui for CNY 5.1 billion on January 6, 2017. Wu Guiguan is selling 30.16%, Wu Zhenbo is selling 28.16%, Ke Xingcha is selling 17.92%, Huang Qingsheng is selling 11.88% and Lian Hougui is selling 11.88% stake in Huizhou Weibo Precision Technology Co Ltd. Suzhou Anjie Technology Co. will offer 78.76 million shares for CNY 30.22 per share and pay cash of CNY 1.02 billion. After implementation of the 2016 profit distribution scheme, the issue price for the shares to be issued as consideration is revised from CNY 30.22 per share to CNY 19.95 per share. Suzhou Anjie Technology aims to raise up to CNY 1.5 billion in private placement of shares to fund the acquisition. During the financial year ended December 2016, Huizhou Weibo Precision Technology Co Ltd reported total assets of CNY 912.7 million, net assets of CNY 395.7 million, operating revenue of CNY 1.1 billion, operating profit of CNY 242.5 million and net profit of CNY 206.1 million. The transaction is subject to approval by secondary approval from Suzhou Anjie Technology Co., Ltd directorate after completion of the target asset's audit and assessment works, approval from Suzhou Anjie Technology Co., Ltd's shareholders and approval from the Ministry of Commerce and China Securities Regulatory Commission. The transaction has been approved by the shareholders of Huizhou Weibo Precision Technology Co Ltd on January 6, 2017 and by the Board of Directors of Suzhou Anjie Technology Co., Ltd during 3rd directorate in its 7th meeting on January 9, 2017. The transaction has been approved by the shareholders of Suzhou Anjie Technology Co., Ltd on April 7, 2017. As of June 2, 2017, the transaction is approved by securities regulator. On July 25, 2017, Suzhou Anjie Technology Co., Ltd received written approval from China Securities Regulatory Commission approving the transaction. Essence Securities Co., Ltd. acted as financial advisor, Grandall Law Firm acted as legal advisor and Jiangsu Gongzheng Tianye Certified Public Accountants Co Ltd acted as accountant for Suzhou Anjie Technology Co., Ltd. Suzhou Anjie Technology Co., Ltd (SZSE:002635) completed the acquisition of Huizhou Weibo Precision Technology Co Ltd from Wu Guiguan, Wu Zhenbo, Ke Xingcha, Huang Qingsheng and Lian Hougui on August 1, 2017.