Beijing Taihua Shouyue Technology Development Co., Ltd. signed an equity transfer agreement to acquire 60% stake in Yichang Xinlong Melting Spinning New Material Co., Ltd. from Xinglong Holding (Group) Company Ltd. (SZSE:000955) for CNY 27.6 million on December 7, 2019. Xinglong Holding (Group) Company Ltd. currently holds 88.7% stake in Yichang Xinlong Melting Spinning New Material Co., Ltd. and its wholly-owned subsidiary Hainan Xinlong Melting Spinning New Materials Co., Ltd. holds the extant 11.27% equity. In 2018, Yichang Xinlong Melting Spinning New Material Co., Ltd. has total assets of CNY 23.3 million, net assets of negative CNY 11.97 million, operating revenue of CNY 7.4 million, operating profit of CNY 5.8 million and net profit of CNY 5.8 million. The transaction was approved in December 7, 2019 by the 7th meeting of the 7th directorate.