Zoneco Group Co., Ltd. (SZSE:002069) signed a share acquisition agreement to acquire remaining 11.25% stake in Dalian Zhangzidao Chuo Cold Logistics Co., Ltd. from Chuo Gyorui Co., Ltd. (TSE:8030) and Hohsui Corporation (TSE:1352) for CNY 20.5 million on April 2, 2020. Zoneco will acquire 5.625% stake from each Chuo Gyorui and Hohsui for CNY 10.3 million each. In a related deal, Zoneco signed share transfer agreement to sell 75% stake in Dalian Zhangzidao Chuo Cold Logistics on April 2, 2020. Pre deal, Zoneco held 88.75% stake in Dalian Zhangzidao Chuo Cold Logistics. Post completion of both deals, Zoneco will hold 25% stake in Dalian Zhangzidao Chuo Cold Logistics.

As of year ending December 31, 2019, Dalian Zhangzidao reported total assets of CNY 311.8 million and net assets of CNY 134.8 million. For the year ending December 31, 2019, Dalian Zhangzidao reported revenue of CNY 46.7 million, operating loss of 5.3 million and net loss of CNY 5.2 million. The transaction is subject to approval from the Zoneco's shareholders. The Directors of Zoneco gave approval for the deal.