Liaoning Zhongwang Superior Fabrication Investment Limited signed a non-binding framework agreement to acquire Cred Holding Co.,Ltd (SHSE:600890) for CNY 42.8 billion in a reverse merger transaction on March 17, 2020. Under the terms of the transaction, Cred Holding will purchase Zhongwang’s 96.55% stake in extrusions arm Liaoning Zhongwang and Liaoning Zhongwang will traded in Shanghai in a so-called backdoor listing. Cred will issue 4.7 billion shares to acquire Liaoning Zhongwang. The transaction is subject to approval from stock exchange, shareholders of China Zhongwang Holdings Limited and Cred Holding Co.,Ltd, regulatory approval. On March 20, 2020, the transaction is approved by Board of Directors of Cred Holding Co.,Ltd, Liaoning Zhongwang Superior Fabrication Investment Limited and China Zhongwang Holdings Limited, approved by Zhongwang China Investment (HK) Limited, National Military and Civilian Integration Industry Investment Fund Co., Ltd. and shareholders of Liaoning Zhongwang Group Co., Ltd. As on April 22, 2020, the shareholders of Cred Holding approved the transaction. On April 29, 2020, China Zhongwang Holdings Limited received a notice from CRED Holding that CRED Holding had obtained the acceptance notice of the application for administration permission from the CSRC. The CSRC has reviewed the application materials submitted by CRED Holding for administration permission in relation to the material asset restructuring and decided to accept such application. On October 22, 2020, Zhongwang Holdings Limited received a no-objection letter from the Hong Kong Stock Exchange regarding the circular of Zhongwang Holdings Limited’s shareholders meeting. On October 28, 2020, Cred Holding Co.,Ltd held the 61st meeting of the 8th directorate, and approved the transaction. On November 11, 2020, the transaction was approved by the shareholders of China Zhongwang Holdings Limited. Jiang Zhongjie and Wang Chenxi of Minsheng Securities Co., Ltd. and Sheng Rui and Wu Yumiao of Lianchu Securities Co.,Ltd acted as financial advisors and Pan Xinggao and Wei Xiao of Commerce & Finance Law Offices acted as legal advisors and Jiang Tao and Zhang Yiqu of Grant Thornton China and Huang Liqiong and Zhang Ling of Union Power Certified Public Accountants Co., Ltd acted as accountants for Cred Holding Co.,Ltd. Liaoning Zhongwang Superior Fabrication Investment Limited cancelled the acquisition of Cred Holding Co.,Ltd (SHSE:600890) in a reverse merger transaction on August 11, 2021. Due to substantial changes of the market environment and after arm’s length negotiation, Zhongwang Fabrication, CRED Holding and the Fund decided not to proceed.