Haier Kaaosi IOT Ecosystem Technology Limited agreed to acquire Foshan Shunde Haier Intelligent Electronic Co., Ltd. from Haier Electronics Group Co., Ltd. (SEHK:1169) and Hefei Haier Washing Machine Co., Ltd for approximately CNY 560 million on June 29, 2019. Haier Kaaosi IOT Ecosystem Technology Limited will issue its shares equivalent to approximately CNY 560 million to Haier Electronics Group Co., Ltd. and Hefei Haier Washing Machine Co., Ltd. Foshan Shunde Haier Intelligent Electronic Co., Ltd. profit before taxation was CNY 53.56 million and net profit after taxation was CNY 46.47 million for the year ended December 31, 2018. The transaction is conditional upon on various conditions i.e the respective internal authorities vested with power to make decision of the parties having passed a resolution approving the transaction; Haier Smart Home Co., Ltd. (SHSE:600690) parent of Haier Kaaosi IOT Ecosystem Technology Limited having passed a resolution agreeing to waive its pre-emptive rights; the representations, warranties and undertakings of the parties should be true, accurate and fulfilled which are specified in transaction on or before the date of Completion; The parties having signed and delivered related transaction documents, and all such documents are effective; and The parties having issued to other parties written document certification that each of the abovementioned conditions were satisfied. The transaction is expected to close on December 31, 2019. Haier Kaaosi IOT Ecosystem Technology Limited completed the acquisition of Foshan Shunde Haier Intelligent Electronic Co., Ltd. from Haier Electronics Group Co., Ltd. (SEHK:1169) and Hefei Haier Washing Machine Co., Ltd on November 27, 2019.