Shanghai Huaxin Petroleum signed a letter of intent to acquire 29.7% stake in Fujian Nanzhi Co., Ltd. (SHSE:600163) from Fujian Light Textile (Holding) Ltd. for CNY 1.1 billion on December 23, 2011. Shanghai Huaxin Petroleum agreed to acquire 215 million shares at CNY 5.341 per share. Shanghai Huaxin Petroleum cancelled the acquisition of 29.7% stake in Fujian Nanzhi Co., Ltd. (SHSE:600163) from Fujian Light Textile (Holding) Ltd. on June 18, 2012.