Hubei Xinyangfeng Fertilizer Co., Ltd. (SZSE:000902) signed an equity transfer agreement to acquire 51% stake in Jiangsu Greenport Modern Agricultural Development Company Limited from a group of 31 individuals for approximately CNY 400 million on July 17, 2016. Post-completion, Jiangsu Greenport Modern Agricultural Development Company Limited will become a holding subsidiary of Hubei Xinyangfeng Fertilizer Co. Jiangsu Greenport Modern Agricultural Development Company had total assets of CNY 301.8 million, net assets of CNY 101.3 million, sales of CNY 250.7 million, EBIT of CNY 35.2 million and net income of CNY 33.4 million for the year ended December 31, 2015. The transaction does not require the approval from the Hubei Xinyangfeng Fertilizer Co’s stockholders. As on July 17, 2016, the Directorate of Hubei Xinyangfeng Fertilizer Co approved the acquisition.