The Blackstone Group Inc. (NYSE:BX) agreed to acquire 80% stake in Chengdu Xinjia Logistics Co., Ltd from Pingtan Xinzhi Asset Management Co., Ltd for approximately CNY 170 million on December 6, 2019. The Blackstone Group Inc. signed formal agreement to acquire 80% stake in Chengdu Xinjia Logistics Co., Ltd from Pingtan Xinzhi Asset Management Co., Ltd for approximately CNY 180 million on December 10, 2019. After the delivery prerequisites are met, The Blackstone Group Inc. pays Pingtan Xinzhi Asset Management Co., Ltd a 51% equity transfer to Pingtan Xinzhi Asset Management Co., Ltd's designated bank account on the day of delivery. The remaining 49% of the equity transfer payment is subject to the fulfillment of the prepayment conditions for the final payment. After the settlement of the final transaction price by the two parties after the settlement of multiple refunds and other supplements (if applicable), The Blackstone Group Inc. will pay to Pingtan Xinzhi Asset Management Co., Ltd's designated bank account. The present equity transfer has not yet signed a formal transaction agreement with the counterparty, and it still needs to be approved internally by the counterparty. As of December 31, 2019, Blackstone Group paid CNY 90.2 million for the 51% equity transfer. Post completion of the transaction, Pingtan Xinzhi Asset Management Co., Ltd will hold 20% stake in Chengdu Xinjia Logistics Co., Ltd. AS per announcement of MArch 21, 2020, Fujian Dongbai (Group) Co.,Ltd. has received a repayment from Chengdu Xinjia Logistics Co., Ltd. of CNY 49.7 million. There are still another CNY 0.49 million under the concept of interests that will be paid in April 2020. For the year ended December 31, 2018, Chengdu Xinjia Logistics Co., Ltd reported total assets of CNY 63.96 million, net assets of CNY 1.71 million, operating revenue of CNY 0, net loss of CNY 0.388 million. The transaction was approved by the 31st meeting of the 9th directorate of Fujian Dongbai (Group) Co.,Ltd.