Qingdao Ronghai Guotou Asset Management Co., Ltd agreed to acquire a 9.2% stake in Changzhou Tiansheng New Materials Co., Ltd. (SZSE:300169) from Wu Haizhou and Shengyan (Shanghai) Investment Management Co., Ltd for CNY 295.5 million on March 12, 2020. In acquisition, Qingdao Ronghai Guotou Asset Management Co., Ltd agreed to acquire 7.13% stake with shares of 23.24 million shares from Shengyan (Shanghai) Investment Management Co., Ltd and 2.07% stake with shares of 6.76 million from Wu Haizhou. The offer per share is CNY 9.85. The parties to the transaction signed share transfer agreement on June 21, 2020. On March 28, 2020, Qingdao Ronghai State-owned Capital Investment and Operation Co., Ltd., controlling shareholder of Qingdao Ronghai Guotou Asset Management issued a shareholder decision, agreeing to use Qingdao Ronghai Guotou Asset Management Co., Ltd. as the main body to acquire no more than 30 million shares in Changzhou Tiansheng New Materials Co., Ltd. On May 22, 2020, the Licang District State-owned Assets Management Office, controlling shareholder of Qingdao Ronghai Guotou Asset Management issued a shareholder decision, agreeing to use Qingdao Ronghai Guotou Asset Management Co., Ltd. as the main body to acquire no more than 30 million shares in Changzhou Tiansheng New Materials Co., Ltd.