Lidman’s latest cash acquisition of a 70% stake in Xianxiangxiangrui—purely cash with no new share issuance—has a longer state-owned enterprise approval chain, so I’ll just mark the progress for now.

Lidman plans to acquire a 70% stake in Beijing Xiansheng Xiangrui Biological Products Co., Ltd. from certain shareholders through cash payment, gaining control of the other party upon completion of the transaction. It is expected to constitute a major asset restructuring, not involving share issuance, nor constituting related-party transactions or a change in control. Currently, both parties are working on plan adjustments, which still require approval from the board of directors, shareholders' meeting, State-owned Assets Supervision and Administration Commission, China Securities Regulatory Commission, and others, and there is uncertainty.