Suzhou Shijia Science & Technology Inc. (SZSE:002796) agreed to acquire Suzhou Perfect Communications Technology Co., Ltd from a group of 23 sellers for CNY 750 million on July 17, 2017. Suzhou Shijia Science & Technology Inc. signed an agreement to acquire Suzhou Perfect Communications Technology Co., Ltd from a group of 23 sellers for CNY 750 million on August 8, 2017. The group of sellers includes 17 individuals and 6 firms. As part of consideration, CNY 75 million will be paid in cash and for the remaining, 20.5 million shares of Suzhou Shijia Science & Technology will be issued. Suzhou Shijia Science & Technology Inc. plans to raise CNY 345 million to fund the cash portion of the transaction. For the year ending December 31, 2016, Suzhou Perfect Communications Technology Co., Ltd reported revenues of CNY 458.9 million and net income of CNY 36.6 million. As of December 31, 2016, Suzhou Perfect Communications Technology Co., Ltd reported total assets of CNY 481.7 million and net assets of CNY 145.9 million. The transaction is subject to approval by shareholders of Suzhou Shijia Science & Technology and China Securities Regulatory Commission approval. The transaction is approved by the selling firms' shareholders and partners on July 17, 2017. The shareholders of Suzhou Perfect Communications Technology Co., Ltd approved the transaction on August 3, 2017. The Board of Suzhou Shijia Science & Technology Inc. approved the transaction on August 8, 2017. On December 21, 2017, the transaction was approved by the China Securities Regulatory Commission. Chinalin Securities Co., Ltd. acted as financial advisor, AllBright Law Offices acted as legal advisor and Huapu Tianjian (Beijing) Certified Public Accountants Co, Ltd acted as accountant for Suzhou Shijia Science & Technology Inc. Suzhou Shijia Science & Technology Inc. (SZSE:002796) completed the acquisition of Suzhou Perfect Communications Technology Co., Ltd from a group of 23 sellers on January 15, 2018.