Tibet Minery Development Head Co. signed a sale agreement to acquire 95.8% stake in Tibet Xinding Mining Hotel Co., Ltd. from Tibet Mineral Development Co., LTD (SZSE:000762) for approximately CNY 160 million on November 28, 2019. Tibet Minery Development shall reimburse Tibet Mineral Development for the non-operating occupation as of the payment date, but the payment date shall not be later than the delivery date. Tibet Minery Development shall pay the transaction price of CNY 78.6 million before December 31, 2019 and shall pay CNY 78.6 million for the transaction price before February 28, 2020. Tibet Minery Development shall use own or self-raised funds to pay the price. For the year ended December 31, 2018, Tibet Xinding Mining Hotel reported total assets of CNY 52.5 million, total common equity of CNY 26.9 million, operating loss of CNY 3.2 million, revenues of CNY 15.1 million and net loss of CNY 3.4 million. The transaction is subject to approval from shareholders of Tibet Mineral Development. The transaction was approved by Board of Directors of Tibet Mineral Development.