Shandong Jintai Group Co., Ltd. (SHSE:600385) signed the share acquisition framework agreement to acquire Jinan Jinda Pharmaceutical Chemical Co., Ltd. from Beijing Towercrest Investment Management Group Co., Ltd on September 27, 2019. On November 8, 2019, an agreement is signed to acquire the stake for CNY 80 million in cash. After the approval of the shareholders of Shandong Jintai Group Co., Ltd., the 60% of the transaction price will be paid. Balance will be paid within 30 days of closing. For the year ended December 31, 2018, Jinan Jinda Pharmaceutical Chemical Co., Ltd. has total assets of CNY 63.9 million, revenues of CNY 12.7 million and net profit of CNY 9.5 million. The deal requires approval from shareholders of Shandong Jintai Group Co., Ltd. On September 27, 2019, the 4th session of Shandong Jintai Group Co., Ltd. 10th directorate approved the proposal on the signing of the share acquisition framework agreement. On November 6, 2019 the shareholders of Beijing Towercrest Investment Management Group Co., Ltd and Jinan Jinda Pharmaceutical Chemical Co., Ltd. approved this transaction. On November 8, 2019, the Board of Directors and supervisors of Shandong Jintai Group Co., Ltd. approved the deal. As of November 10, 2019, transaction is not required to be submitted to China Securities Regulatory Commission for review. East Asia Qianhai Securities Co., Ltd acted as financial adviser, Hexin Certified Public Accountants LLP acted as accountant and Hexin Certified Public Accountants LLP as its accountant, Shandong Bohanyuan Law Firm acted as legal adviser for Shandong Jintai Group Co., Ltd. Shandong Jintai Group Co., Ltd. (SHSE:600385) completed the acquisition of Jinan Jinda Pharmaceutical Chemical Co., Ltd. from Beijing Towercrest Investment Management Group Co., Ltd on December 16, 2019.