Changshu 3F Fuyuan New Materials Co., Ltd. agreed to acquire 3F (Changshu) New Material Co., Ltd. and Shanghai Huayi 3F New Materials Sales Co., Ltd. from China Reform Culture Holdings Co., Ltd. (SHSE:600636) for approximately CNY 220 million on December 30, 2019. Changshu 3F Fuyuan New Materials Co., Ltd. will pay CNY 191 million for 3F (Changshu) New Material Co., Ltd. and CNY 27.3 million for Shanghai Huayi 3F New Materials Sales Co., Ltd. The transaction is subject to approval from China Reform Culture Holdings Co., Ltd's Board of Directors and shareholders. On January 20, 2020, the transaction has been approved by board of directors of China Reform Culture Holdings Co. As of February 21, 2020, shareholders of China Reform Culture Holdings Co., Ltd. has approved the transaction. Goldstate Securities Co., Ltd acted as financial advisor, Jia Yuan Law acted as legal advisor and Wuyige Certified Public Accountants LLP acted as an accountant for China Reform. Changshu 3F Fuyuan New Materials Co., Ltd. completed the acquisition of 3F (Changshu) New Material Co., Ltd. and Shanghai Huayi 3F New Materials Sales Co., Ltd. from China Reform Culture Holdings Co., Ltd. (SHSE:600636) on March 26, 2020. As of February 26, 2020, Changshu 3F Fuyuan New Materials Co paid the remaining transaction price to the Shanghai United Property Exchange in accordance with the Equity Transaction Contract signed by the two parties, and the entire transaction price of approximately CNY 220 million has been paid. As of February 28, 2020, the Shanghai United Property Exchange has paid the amount to Changshu 3F Fuyuan New Materials Co. The industrial and commercial change procedures for the transfer of 3F (Changshu) New Material Co., Ltd. and Shanghai Huayi 3F New Materials Sales Co., Ltd. in this major asset sale have been completed on March 26, 2020.