Zhejiang Tiantie Industry Co., Ltd. (SZSE:300587) intends to sign an equity transfer agreement to acquire 60% stake in Jiangsu Changjili New Energy Technology Co., Ltd. from Jiang Guoqun and Jiang Jie for approximately CNY 280 million on September 28, 2018. Jiang Guoqun will transfer a 36% stake of Jiangsu Changjili New Energy Technology for CNY 169.2 million and Jiang Jie will transfer a 24% stake of Jiangsu Changjili New Energy Technology for CNY 112.8 million. Within 5 days since the signing of the agreement, Zhejiang Tiantie Industry will pay CNY 30 million to Jiang Guoqun and CNY 20 million to Jiang Jie. Zhejiang Tiantie Industry will pay Jiang Guoqun CNY 91.2 million in cash within 20 working days from the date of completion of the industrial and commercial change registration and CNY 60.8 million to Jiang Jie in cash (total CNY 152 million). The rest of the payment will be made before June 30, 2019. As of December 31, 2017, the financial date of Jiangsu Changjili New Energy Technology was total asset CNY 124.4713 million, total common equity CNY 73.3104 million, total revenue CNY 147.5155 million, EBIT CNY 29.9622 million and net income CNY 26.5707 million. The transaction was approved by Zhejiang Tiantie Industry's board on the 11th meeting of the 3rd directorate.