Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd. (SHSE:600704) agreed to acquire remaining 27.2% stake in Zhejiang Materials Industry Yuantong Automobile Group Co., Ltd. from Huaneng Guicheng Trust Co., Ltd, Sichuan Trust Co., Ltd. and Bank of Communications International Trust Co., Ltd. on August 22, 2015. The acquisition price will be equivalent to the subscription price by Huaneng Guicheng Trust Co., Ltd, Sichuan Trust Co., Ltd. and Bank of Communications International Trust in Zhejiang Materials Industry Yuantong Automobile Group Co., Ltd. plus the expected annual rate of return. Zhejiang Material Industrial Zhongda Yuantong will purchase 397.84 million shares of Zhejiang Materials Industry Yuantong Automobile Group. After the completion of the transaction, Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd will hold 100% stake in Zhejiang Materials Industry Yuantong Automobile Group. Zhejiang Materials Industry Yuantong Automobile Group Co., Ltd reported total assets of CNY 8.69 billion, net assets of CNY 3.54 billion, revenues of CNY 22.79 billion and net profit of CNY 327.92 million in 2014. The Board of Zhejiang Material Industrial Zhongda Yuantong Group approved the transaction on August 22, 2015. Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd. (SHSE:600704) cancelled the acquisition of the remaining 27.2% stake in Zhejiang Materials Industry Yuantong Automobile Group Co., Ltd. from Huaneng Guicheng Trust Co., Ltd, Sichuan Trust Co., Ltd. and Bank of Communications International Trust Co., Ltd. on August 22, 2016.