Tianguang Zhongmao Co., Ltd. (SZSE:002509) agreed to acquire Jiangsu Yuguan Modern Agricultural S&T Co., Ltd. from a group of shareholders for CNY 1.6 billion on March 18, 2017. Tianguang Zhongmao Co., Ltd. will pay CNY 197.1 million in cash and will issue 138.2 million shares for a share consideration of CNY 1.4 billion. In a related transaction, Tianguang Zhongmao Co., Ltd. agreed to acquire Fujian Shennong Mushrooms Co., Ltd. for approximately CNY 990 million. Tianguang Zhongmao Co., Ltd. plans to raise approximately CNY 415 million to fund the cash consideration for the acquisition. The transaction is subject to second approval of Directorate of Tianguang Zhongmao Co., Ltd. after Jiangsu Yuguan Modern Agricultural S&T Co., Ltd assets’ audit and assessment work are completed; approval by shareholders of Tianguang Zhongmao Co., Ltd. and CSRC's approval. The transaction has been approved by shareholders of Jiangsu Yuguan Modern Agricultural S&T Co., Ltd as on March 18, 2017 and Board of Tianguang Zhongmao Co., Ltd. approved the transaction as on March 20, 2017. China Galaxy Securities Co., Ltd. acted as financial advisor to Tianguang Zhongmao Co., Ltd. Tianguang Zhongmao Co., Ltd. (SZSE:002509) cancelled the acquisition of Jiangsu Yuguan Modern Agricultural S&T Co., Ltd. from a group of shareholders on June 9, 2017.