Yunnan Yutianhua Co., Ltd has successfully completed its material assets restructuring. Yuntianhua sold its loss-making glass fiber asset to Yuntianhua Group Co., Ltd, its controlling shareholder, for Yuntianhua shares held by Yuntianhua Group as the consideration. After obtaining the shares, Yuntianhua cancelled the shares and reduced its registered capital correspondingly. The size of the sold asset is RMB 4.76 Bn, which makes the deal a material assets restructuring. In this transaction, the controlling shareholder purchased the asset by writing-off shares of Yuntianhua as the consideration, which is the very first case since the stock reform. CICC acted as the sole financial advisor.