Guangdong Huatie Tongda High-speed Railway Equipment Corporation (SZSE:000976) signed an agreement to acquire Qingdao Zhaoying Rail Transit Equipment Co., Ltd. from Chongqing Zhaoying Rail Transit Equipment Co., Ltd. and Jinan Gangtong New and Old Kinetic Energy Conversion Equity Investment Fund Partnership Enterprise on March 11, 2021. Guangdong Huatie Tongda High-speed Railway Equipment Corporation agreed to acquire Qingdao Zhaoying Rail Transit Equipment Co., Ltd. from Chongqing Zhaoying Rail Transit Equipment Co., Ltd. for approximately CNY 1.7 billion on August 4, 2021. On August 4, 2021, Guangdong Huatie Tongda High-speed Railway Equipment Corporation and Chongqing Zhaoying Rail Transit Equipment Co., Ltd. signed the agreement to pay cash to purchase assets. Under the terms of transaction, Guangdong Huatie Tongda will acquire 38% stake from Chongqing Zhaoying Rail Transit Equipment Co., Ltd. by way of share issuance and 38% from Chongqing Zhaoying Rail Transit Equipment Co., Ltd. by cash payment and 24% will be acquired from Jinan Gangtong New and Old Kinetic Energy Conversion Equity Investment Fund Partnership Enterprise by way of share issuance. The issue price is CNY 5.22 per share. Guangdong Huatie Tongda will issue shares to not more than 35 investors to raise supporting funds to be used as payment for this transaction’s cash consideration, replenish the company’s working capital, repay loans and pay intermediary institution fees. Guangdong Huatie Tongda will issue 478.7 million shares. The shares subscribed in this raising of supporting funds must not be transferred within 6 months after the issuance completion date. As per update on August 4, 2021, the fourth interim meeting of the Ninth Board of Directors in 2021 and the second interim meeting of the Ninth Board of Supervisors in 2021 of Guangdong Huatie Tongda High-speed Railway Equipment Corporation reviewed and approve to acquire only 76% stake from Chongqing Zhaoying Rail Transit Equipment Co., Ltd. for CNY 1.7 billion to be paid in cash. And reising matching fund to finance the acquisition has been cancelled. The transaction is subject to approval from Guangdong Huatie Tongda to hold another directorate, supervisory board to approve this transaction’s formal plan, Guangdong Huatie Tongda's shareholders meeting, CSRC approval and State Administration for Market Regulation Antimonopoly Bureau. The transaction was approved by the 1st session of Guangdong Huatie Tongda's Directorate for 2021, and by Guangdong Huatie Tongda's 9th supervisory board for 2021 and approved by the counter parties’ internal decision-making body. This transaction already gained the approval in principle of the Guangdong Huatie Tongda's holding shareholder Lhasa Economic and Technological Development Zone Taitong Investment Partnership Enterprise (Limited Partnership) and its party acting in concert Guangzhou Zhaoying Ruitong Investment Partnership Enterprise (Limited Partnership). As of July 5, 2021, the transaction has been approved by The State Administration of Market Supervision and Administration. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor to Guangdong Huatie Tongda. As per amendment on August 4, 2021, Independent financial adviser has changed from CITIC Securities Company Limited to Guosen Securities Co., Ltd. and PricewaterhouseCoopers Zhong Tian Certified Public Accountants (Special General Partnership) will be acting as accountant and DeHeng Law Offices as legal advisor to Guangdong Huatie Tongda High-speed Railway Equipment Corporation.