Zhefu Holding Group Co., Ltd. (SZSE:002266) signed a letter of intent to acquire remaining 49% stake in Zhejiang Gerui Energy Power Technology Co., Ltd. from from Xiao Libao, Tonglu Jinrui Investment Management Partnership Enterprise (Limited Partnership), Yan Chun, Wu Hua and Zhao Xiuying for approximately CNY 960 million in stock on August 8, 2016. Under the terms, consideration will be paid through an offering of 188 million shares at CNY 5.07 each. At the same time Zhefu Holding Group will raise supporting funds. For the year ended December 31, 2016 Zhejiang Gerui Energy Power Technology Co., Ltd. reported total revenue of CNY 0.0065 million, total assets of CNY 0.016 million, EBIT of 0.0043 million and net income of CNY 0.0041 million. The transaction is subject to the completion of related audit and appraisal works, the company would need to hold another directorate to approve this transaction and Zhefu Holding Group Co., Ltd. shareholders. As of September 20, 2016 shareholders of Zhejiang Gerui Energy Power Technology Co., Ltd. approved the transaction. As on January 3, 2017, Zhefu Holding Group Co., Ltd. held the 40th meeting of the 3rd directorate, and approved proposal about the termination of the acquisition of assets through the Issuance of shares and raising of supporting funds and the withdrawal of application documents. Dongxing Securities Co., Ltd. acted as independent financial advisor, Grandall Law Firm acted as legal advisor, and Pan-China Certified Public Accountants LLP acted as auditor for Zhefu Holding Group. Zhefu Holding Group Co., Ltd. (SZSE:002266) cancelled the acquisition of remaining 49% stake in Zhejiang Gerui Energy Power Technology Co., Ltd. from from Xiao Libao, Tonglu Jinrui Investment Management Partnership Enterprise (Limited Partnership), Yan Chun, Wu Hua and Zhao Xiuying on January 3, 2017.