Shandong Hongchuang Aluminum Industry Holding Company Limited (SZSE:002379) agreed to acquire Binzhou Hongbo Aluminum Technology Co., Ltd. from Boxing County Ruifeng Aluminum Sheet Co., Ltd. for approximately CNY 190 million on January 28, 2019. The deal value will be paid in cash. For the year 2018, Binzhou Hongbo Aluminum Technology Co., Ltd. reported revenues of CNY 151.5 million, operating loss of CNY 36.6 million and net loss of CNY 33.9 million. As of December 31, 2018, Binzhou Hongbo Aluminum Technology Co., Ltd. reported total assets of CNY 661.9 million and net assets of CNY 191.1 million. The deal needs to be reviewed and approved by the Shandong Hongchuang Aluminum Industry Holding Company Limited's shareholders meeting. As of January 28, 2019, the transaction was approved by the Board of Shandong Hongchuang Aluminum Industry Holding Company Limited. As of February 13, 2019, the transaction was approved by the shareholders of Shandong Hongchuang Aluminum Industry Holding Company Limited. The transaction will enhance Shandong Hongchuang Aluminum Industry Holding Company Limited's profitability will have a positive impact on its industrial development and business performance.