Suzhou Secote Precision Electronic Co., Ltd. (SHSE:603283) agreed to acquire Suzhou Lingou Automation Technology Co.,LTD from Zhang Xi, Chen Xuexing and Shao Cong for approximately CNY 210 million on November 8, 2018. Zhang Xi will sell 41% stake for CNY 86.1 million Chen Xuexing will sell 37.5% stake for CNY 78.75 million and Shao Cong will sell 21.5% stake for CNY 45.15 million. 60% of the transactional price will be paid by issuing convertible bonds, 30% will be paid in cash and a 10% will be paid by issue of Suzhou Secote Precision Electronic shares at CNY 19.3 per share. A total of 1.26 million bonds will be issued. The issued shares will have a lock up period of 12 months. The cash consideration will be funded through a private placement of CNY 140 million by Suzhou Secote Precision Electronic. The transaction is subject to approval by shareholders of Suzhou Secote Precision Electronic. The transaction is unanimously approved by the board of Suzhou Secote Precision Electronic. Suzhou Secote Precision Electronic Co., Ltd. (SHSE:603283) completed the acquisition of Suzhou Lingou Automation Technology Co.,LTD from Zhang Xi, Chen Xuexing and Shao Cong on March 21, 2019. Post acquisition, Suzhou Lingou Automation Technology Co.,LTD. changed its name to Suzhou Secote Lingou Intelligent Technology Co., Ltd. The shareholders of Suzhou Secote Precision Electronic approved the deal on December 5, 2018. CSRC approved the deal on January 23, 2019.