Xizi International Holding Co., Ltd. made an offer to acquire and additional 8.5% interest in Baida Group Co.,Ltd (SHSE:600865) for approximately CNY 360 million on May 30, 2022. The tender offer period is 30 natural days in total, and the tender offer period starts from June 2, 2022 to July 1, 2022. As of June 17, 2022, the Baida's board approved the deal. CITIC Construction Investment Securities acted as fairness opinion provider to Baida. Caitong Securities Co.,Ltd. along with China Security Co., Ltd. acted as financial advisor while T&C Law Firm acted as legal advisor for Baida Group.