Jinan Innovation City Construction Development Co., Ltd. agreed to acquire 75% stake in Boshen Financing Lease (Shanghai) Co., Ltd. from Shandong Tyan Home Co., Ltd (SHSE:600807) for approximately CNY 420 million on December 13, 2019. As per terms of consideration, Jinan Innovation City Construction Development Co., Ltd.will pay 60% of the consideration before December 31, 2019, 10% of the consideration before March 31, 2020 and remaining 30% of the consideration after 7 days since completion of change of registry procedures. For the year ended December 31, 2018, Boshen Financing Lease (Shanghai) Co., Ltd. reported total assets of CNY 1.73 billion, net assets of CNY 242.25 million, operating revenue of CNY 75.69 million and net profit of CNY 11.15 million. The transaction was approved by the board of directors of Shandong Tyan Home Co., Ltd. Jinan Innovation City Construction Development Co., Ltd. cancelled the acquisition of 75% stake in Boshen Financing Lease (Shanghai) Co., Ltd. from Jinan High-tech Development Co., Ltd. (SHSE:600807) on December 13, 2020.