Yongxing Special Stainless Steel Co., Ltd. (SZSE:002756) signed an agreement to acquire 67.9% stake in H-zone Lithium Technology Co., Ltd. from consortium of sellers for approximately CNY 620 million on November 27, 2017. Under the terms of the transaction, Yongxing Special Stainless Steel Co., Ltd. will acquire stake by the way of share issuance of 25 million at CNY 24.84 per share. During the year ended December 31, 2016, H-zone Lithium Technology Co., Ltd. reported total assets of CNY 360 million, owners’ equity of CNY 148.46 million, revenue of CNY 216.38 million and net loss of CNY 8.14 million. The transaction is subject to the approval from shareholders of Yongxing Special Stainless Steel Co., Ltd. CSRC and after the completion of the audit and appraisal works transaction would need to hold another directorate to approve this transaction. As on November 27, 2017, transaction has been approved by the Board of Yongxing Special Stainless Steel Co., Ltd. Everbright Securities Company Limited (SHSE:601788) and Huatai United Securities Co., Ltd. acted as a financial advisor for Yongxing Special Stainless Steel Co., Ltd. Yongxing Special Stainless Steel Co., Ltd. (SZSE:002756) cancelled the acquisition of 67.9% stake in H-zone Lithium Technology Co., Ltd. from consortium of sellers on April 25, 2018.