GFS Logistics (Shanghai) Co., Ltd signed an agreement to acquire 75% stake in Dalian Zhangzidao Chuo Cold Logistics Co., Ltd from Zoneco Group Co., Ltd. (SZSE:002069) for approximately CNY 140 million on March 30, 2020. In a related transaction, Zoneco Group Co., Ltd. agreed to acquire 11.25% stake from CHUO GYORUI Co., Ltd and HOHSUI Corporation for CNY 20.5 million. Post above, the Company will hold 25% stake in Dalian Zhangzidao Chuo Cold Logistics Co., Ltd. For the year ended December 31, 2019, Dalian Zhangzidao had total assets worth CNY 311.8 million, net assets worth CNY134.8 million, revenues of CNY 46.7 million, operating loss of CNY 5.3 million and net loss of CNY 5.2 million. The directors of Zoneco gave approval. This transaction is still subject to approval from the Zoneco's shareholders.