Xinjiang Hualing Industry & Trade (Group) Co., Ltd. signed the equity transfer agreement to acquire 19.86% stake in Xinjiang Baihuacun Co., Ltd. (SHSE:600721) from Xinjiang Production and Construction Corps State-owned Assets Management Co., Ltd, Sixth division for approximately CNY 540 million on April 23, 2019. Xinjiang Hualing Industry & Trade (Group) Co., Ltd. will acquire 79.53 million shares at CNY 6.8 per share. Xinjiang Hualing Industry & Trade (Group) Co., Ltd. will make the payment in cash. A first installment for 30% of the price will be paid within 1 day since signing of the agreement. The extant 70% will be paid within 5 days since signing of the agreement. The transaction is subject to approval by the relevant state owned assets department. As on February 28, 2019, the transaction was approved by the Directors of Xinjiang Hualing. As on April 18, 2019, the transaction was approved by the shareholders of Xinjiang Hualing. Xinjiang Hualing Industry & Trade (Group) Co., Ltd. cancelled the acquisition of 19.86% stake in Xinjiang Baihuacun Co., Ltd. (SHSE:600721) from Xinjiang Production and Construction Corps State-owned Assets Management Co., Ltd, Sixth division on April 23, 2020.