Zhejiang Shengyang Science and Technology Co., Ltd. (SHSE:603703) agreed to acquire China Trancomm Technologies Co., Ltd. from China Transport Telecommunication Information Group Co Limited for approximately CNY 910 million on November 12, 2021. The consideration for the transaction is CNY 908.2 million. Zhejiang Shengyang Science and Technology Co. will issue shares and pay cash to acquire China Trancomm Technologies Co., Ltd. A non-public issuance of shares will be carried out to raise matching funds for the transaction to pay for the cash payment part of the transaction. The shares will be issued at issue price of CNY 15.70 per share. The shares issued are lock up period for 12 months. Zhejiang Shengyang Science and Technology Co., Ltd. will raise fund to support the transaction. The transaction is subject to :- (i) Zhejiang Shengyang Science's shareholder approval, (ii) the higher-level state-owned assets supervision and management agency needs to formally approve the plan, (iii) Anti-Monopoly Bureau of the State Administration for Market Regulation approval and (iv) The China Securities Regulatory Commission needs to approve the transaction plan. The transaction is approved by the Board of Zhejiang Shengyang. In July 2022, the Traffic Communication Group reviewed and approved the relevant proposal to adjust the transaction price. ZTF Securities Co., Ltd. acted as financial advisor to Zhejiang Shengyang Science and Technology Co., Ltd.

Zhejiang Shengyang Science and Technology Co., Ltd. (SHSE:603703) cancelled the acquisition of China Trancomm Technologies Co., Ltd. from China Transport Telecommunication Information Group Co Limited on July 3, 2023. Zhejiang Shengyang Science and Technology Co received a notice from China Transport Telecommunication Information Group Company Limited that the latter is terminating the major asset restructuring due to increased uncertainties of China Trancomm Technologies Co., Ltd.