Zhejiang Kan Specialities Material Co., Ltd. (SZSE:002012) agreed to acquire additional 56.67% stake in QingDao Qianyun High-tech New Material co.Ltd from Tianjin Hexin Equity Investment Fund Partnership Enterprise, Sun Qi, Zhang Lei, Xu Duo, Zhuang Yong and Yuan Shaohua for approximately CNY 340 million on November 14, 2018. For Tianjin Hexin Equity Investment Fund Partnership Enterprise, Zhang Lei, Xu Duo, Zhuang Yong and Yuan Shaohua, a 20% of the transactional price will be paid within 10 days since signing of the agreement. An 80% of the transactional price will be paid within 6 months since delivery of underlying equity. For Sun Qi, payment will be made as to 20% of the transactional price within 10 days since agreement coming into force and QingDao Qianyun has completed the registration of industrial and commercial changes for all previous shareholding changes. Remaining 80% will be paid when the sellers have paid all the taxes on this equity transfer and submitted the tax payment certificate in accordance with Zhejiang Kan Specialities's requirements and QingDao has completed the settlement of this transaction and other equity acquisitions. Sun Qi, Tianjin Hexin, Zhang Lei, Xu Duo, Zhuang Yong and Yuan Shaohua will sell 23.27%, 17.53%, 5.97%, 4.87%, 2.92% and 2.1% stake respectively. Zhejiang Kan Specialities already holds 3.33% stake in QingDao Qianyun and will hold 60% stake in QingDao Qianyun after the deal. QingDao Qianyun reported net assets of CNY 48.64 million, total assets of CNY 353.44 million, sales of CNY 383.38 million, operating profit of CNY 15.43 million and net profit of CNY 14.41 million as of December 31, 2017. Approval from the shareholders’ meeting of Zhejiang Kan Specialities is still pending. The transaction was approved by the 30th meeting of the 7th directorate of Zhejiang Kan Specialities Material on November 14, 2018. Zhejiang Kan Specialities Material Co., Ltd. (SZSE:002012) cancelled the acquisition of an additional 56.67% stake in QingDao Qianyun High-tech New Material co.Ltd from Tianjin Hexin Equity Investment Fund Partnership Enterprise, Sun Qi, Zhang Lei, Xu Duo, Zhuang Yong and Yuan Shaohua on January 28, 2019.