Shanghai Renhe Investment Management Company Limited agreed to acquire 16.37% stake in Gansu Ronghua Industry Group Co.,Ltd. (SHSE:600311) from Wuwei Ronghua Industry and Trade Co., Ltd. for CNY 1.4 billion on November 19, 2017. The parties signed the share transfer agreement on November 20, 2017. Under the terms of transaction, Shanghai Renhe Investment Management Company Limited will acquire 108.98 million shares and pay CNY 12.84 per share as consideration. The transaction will be financed through Shanghai Renhe Investment Management Company Limited's own funds. On November 14, 2017, Wuwei Ronghua Industry and Trade Co., Ltd. held its 1st extraordinary general shareholders’ meeting of 2017 and approved the transfer. On November 19, 2017, Shanghai Renhe Investment Management Company Limited held a shareholders’ meeting and approved the acquisition. Shanghai Renhe Investment Management Company Limited cancelled the acquisition of 16.37% stake in Gansu Ronghua Industry Group Co.,Ltd. (SHSE:600311) from Wuwei Ronghua Industry and Trade Co., Ltd. on March 4, 2018. The original agreement was cancelled due to Subei Zhejiang Mining Investment Co., Ltd., a wholly-owned subsidiary of Gansu Ronghua Industry Group Co.,Ltd., not being able to obtain proof of assets ownership from the relevant departments thus making it impossible to complete the stipulations of the original agreement.