Hainan Expressway Co., Ltd. (SZSE:000886) entered into an agreement to acquire 46.4% stake in Hainan United Asset Management Co., Ltd from Hainan Development Holdings Co., Ltd. for approximately CNY 510 million on December 7, 2020. Under the terms, CNY 482 million will be paid within five working days from the date when all the effective conditions contained in this agreement are fulfilled and remaining will be paid and remaining CNY 30 million within fifteen working days from the date when the transfer of Hainan United Asset is registered in the name of buyer. Hainan United Asset reported total assets of CNY 1.8 billion and net assets of CNY 1 billion as of August 31, 2020. The transaction is subject to approval by shareholders of Hainan Expressway. The transaction has been approved by the Board of Hainan Expressway on December 8, 2020.