Xiamen Yuling Enterprise Management Co., Ltd. signed an agreement to acquire 80% stake in Huainan Hengsheng Tian'ewan Property Co., Ltd. from Guangzhou Yuetai Group Co., Ltd. (SHSE:600393) for approximately CNY 760 million on June 5, 2019. Under the terms of transaction, Xiamen Yuling Enterprise Management Co., Ltd. will pay CNY 70.4 million for share transfer and CNY 687.6 million for shareholders’ loan. For the year ended December 31, 2018, Huainan Hengsheng Tian'ewan Property Co., Ltd. had total assets of CNY 1.6 billion, net assets of CNY 60.7 million, revenue of CNY 208.3 million, operating loss of CNY 6.2 million and net loss of CNY 4.9 million. The transaction is not subject to approval from shareholders of Guangzhou Yuetai Group Co., Ltd. The transaction has been approved by the Board of Guangzhou Yuetai Group Co., Ltd. Xiamen Yuling Enterprise Management Co., Ltd. completed the acquisition of 80% stake in Huainan Hengsheng Tian'ewan Property Co., Ltd. from Guangzhou Yuetai Group Co., Ltd. (SHSE:600393) on August 28, 2019.