Shenzhen Xinguodu Technology Co. Ltd. (SZSE:300130) signed a share transfer agreement to acquire Changsha Gongxin Chengfeng Information Technology Service Co., Ltd. (Gongxin Chengfeng) from Chen Wenhui, Zhong Guizhen and Qiu Ling for CNY 500 million on May 9, 2016. Chen Wenhui, Zhong Guizhen and Qiu Ling will sell 56%, 24% and 20% stake in Gongxin Chengfeng respectively. Shenzhen Xinguodu Technology plans to use its private placement raised funds of CNY 500 million to finance the acquisition. Gongxin Chengfeng reported revenue of CNY 75.34 million, total assets of CNY 45.43 million, net assets of CNY 34.57 million and net profit of CNY 27.52 million for the year ended December 31, 2015. The transaction is subject to approval by the shareholders of Shenzhen Xinguodu Technology. The 28th session of Shenzhen Xinguodu Technology's 3rd Directorate approved the transaction on May 9, 2016. On May 25, 2016, Shenzhen Xinguodu Technology held its 2016 3rd special stockholders meeting and approved the transaction.