CITIC Envirotech Ltd. (SGX:CEE) entered into an agreement to acquire 65% stake in Nantong Guoqi Environmental Protection Technology Co., Ltd. from Nantong Xinyuan Investment Management Co., Ltd. for CNY 81 million on January 2, 2019. The acquisition is via an open tender with CITIC Envirotech winning the bid. Following the acquisition, Nantong Guoqi Environmental Protection Technology will be owned by CITIC Envirotech with shareholding of 65% while the existing shareholders, SITA Asia Pacific Limited and Qidong Binjiang Fine Chemical Industry Park Development and Construction Co., Ltd owns 25% and 10% respectively. The transaction will be financed from internal resources. The acquisition has no material effect on the net tangible assets per share or earnings per share of CITIC Envirotech for the financial year ending December 31, 2019. CITIC Envirotech Ltd. (SGX:CEE) cancelled the acquisition of 65% stake in Nantong Guoqi Environmental Protection Technology Co., Ltd. from Nantong Xinyuan Investment Management Co., Ltd. on January 2, 2020.