Shenzhen Lanruisha New Material Technology Co., Ltd agreed to acquire Dongguan Goldleaf Jewelry Group Co., Ltd. from Jinzhou Cihang Group Co., Ltd. (SZSE:000587) on April 29, 2019. Shenzhen Lanruisha New Material Technology Co., Ltd signed an agreement to acquire Dongguan Goldleaf Jewelry Group Co., Ltd. from Jinzhou Cihang Group Co., Ltd. (SZSE:000587) as of May 31, 2019. The consideration will be determined by the parties on the basis of the net asset value. The consideration will be paid either in cash or by exchanging assets. Out of total consideration, 51% will be paid within three working days since the date of signing this agreement and approval from the CSRC or some other relevant regulatory authorities and remaining will be paid within six months. The transaction has been approved by the 26th meeting of the 8th directorate of Jinzhou Cihang Group Co., Ltd. (SZSE:000587) on April 29, 2019. Shenzhen Lanruisha New Material Technology Co., Ltd cancelled acquisition of Dongguan Goldleaf Jewelry Group Co., Ltd. from Jinzhou Cihang Group Co., Ltd. (SZSE:000587) on April 29, 2020.