Zhejiang Jianye Chemical Co., Ltd. (SHSE:603948) signed an agreement to acquire Hangzhou Xinde Environmental Protection Technology Co.,Ltd. from Wu Jianhua, Huang Guixiang and Han Yuan for approximately CNY 160 million on August 26, 2020. Under the terms, Zhejiang Jianye agreed to acquire 90.2% stake from Wu Jianhua for CNY 142.5 million, 4.9% stake from Huang Guixiang for CNY 7.74 million and 4.9% stake for CNY 7.74 million from Han Yuan. According to the terms, 45% of transaction price will be paid before September 1, 2020 and remaining 55% stake by shall be paid within seven working days from the date of completion. The financials of Hangzhou Xinde Environmental Protection Technology for the year ended December 31, 2019, are total assets of CNY 113.5 million, net assets of CNY 93.5 million, revenue of CNY 7.74 million, operating profit of CNY 7.13 million and net profit of CNY 6.64 million. The transaction is approved by the Board of Directors of Zhejiang Jianye Chemical. Kunyuan Assets Appraisal Co., Ltd. acted as the an asset appraisal agency to evaluate all the equity of the Hangzhou Xinde Environmental Protection shareholders. Zhejiang Jianye Chemical Co., Ltd. (SHSE:603948) completed the acquisition of Hangzhou Xinde Environmental Protection Technology Co.,Ltd. from Wu Jianhua, Huang Guixiang and Han Yuan on February 25, 2021. Post completion, Hangzhou Xinde Environmental Protection Technology Co.,Ltd. changed its name to Jiande Jianye Resource Recycling Technology Co., Ltd.