Wuhan Sante Cableway Group Co., Ltd. (SZSE:002159) signed an equity transfer agreement to acquire an 80% stake in Wuhan Longchao Donghu Ocean Park Co., Ltd. from Wuhan Kawo Tourism Development Co., Ltd. and Wuhan Huamahong Tourism Industry Co., Ltd. for CNY 280 million on August 21, 2019. Wuhan Kawo Tourism Development will receive CNY 210 million and Wuhan Huamahong Tourism Industry will receive CNY 70 million. Total consideration includes a deposit of CNY 56 million which will be discounted from the payment of Wuhan Kawo Tourism Development and 65% of the total consideration will be paid to Wuhan Kawo Tourism Development and Wuhan Huamahong Tourism Industry respectively after transfer procedures, the change of equity registration are completed, Wuhan Sante Cableway Group will pay 22% of the total consideration not later than December 31, 2019, 8% of the total consideration shall be used as the guarantee for the performance compensation of Wuhan Kawo Tourism Development and Wuhan Huamahong Tourism Industry and the 5% of the consideration amount shall be used as the compensation deposit. Total consideration will be funded from Wuhan Sante internal funds. For the year ended December 31, 2018, Wuhan Longchao Donghu Ocean Park reported total assets of CNY 234.76 million, total liabilities of CNY 45.16 million, receivables of CNY 7.9 million, net assets of CNY 200.48 million, operating revenue of CNY 77.46 million, operating profit of CNY 35.47 million, net profit of CNY 26.95 million and net cash flow from operating activities of CNY 39.78 million. The transaction has been approved by the board of directors of Wuhan Sante Cableway Group on August 21, 2019. Wuhan Sante Cableway Group Co., Ltd. (SZSE:002159) cancelled the acquisition of an 80% stake in Wuhan Longchao Donghu Ocean Park Co., Ltd. from Wuhan Kawo Tourism Development Co., Ltd. and Wuhan Huamahong Tourism Industry Co., Ltd. on August 21, 2020.