Shanghai Shentong Metro Co., Ltd. (SHSE:600834) signed an agreement to acquire 51% stake in Shanghai Keolis Public Transport Operation Management Co. Ltd. from Shanghai Shentong Rail Transit Research & Consultancy Co., Ltd. for CNY 53 million on May 24, 2019. As of June 14, 2019, net assets value for 100% of Shanghai Keolis Public Transport Operation Management Co. Ltd Is CNY 1.04 billion. The transaction is subject to the approval of Board of Directors of Shanghai Keolis Public Transport Operation Management Co. Ltd., completing the procedures for the assessment of state assets of Shanghai Long Event Major Asset Restructuring, Shanghai Shentong Metro Co., Ltd.'s general meeting of shareholders to consider and approve the transaction, filing formalities of the commercial department and other possible approval/recording procedures. On May 24, 2019, the transaction was approved by Board of Directors of Shanghai Shentong Metro approved the transaction, Board of Directors and shareholders of the consulting company and 10th meeting of the 9th directorate of Shanghai Shentong Metro. On June 20, 2019, shareholders of Shanghai Shentong Metro Co., Ltd. approved the transaction. Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as the financial advisor to Shanghai Shentong Metro. Shanghai Shentong Metro Co., Ltd. (SHSE:600834) completed the acquisition of 51% stake in Shanghai Keolis Public Transport Operation Management Co. Ltd. from Shanghai Shentong Rail Transit Research & Consultancy Co., Ltd. on September 20, 2019.