Wang Xiangyu agreed to acquire 5.48% stake in Zhejiang Tiantie Industry Co., Ltd. (SZSE:300587) from Xu Liyan and Xu Jimao for approximately CNY 180 million on July 21, 2020. Under the terms, Wang Xiangyu will acquire 11.42 million shares from Xu Liyan for CNY 123.4 million and 5.5 million shares from Xu Jimao for CNY 59.4 million respectively at an offer price of CNY 10.8 per share. The payment will be done in tranches, half of the payment will be done after completion of the transfer and the remaining will be done post one year after the completion of the transfer. The payment will be done by Wang Xiangyu's own funds. Wang Xiangyu completed the acquisition of 5.48% stake in Zhejiang Tiantie Industry Co., Ltd. (SZSE:300587) from Xu Liyan and Xu Jimao on September 2, 2020.