Qinghai Western Indium Company Limited signed a Share Transfer Agreement to acquire a 23.28% stake in Fengxing Co., Ltd. from Tellhow Group Co., Ltd. for approximately CNY 650 million.

Qinghai Western Indium Company Limited signed a Share Transfer Agreement to acquire a 23.28% stake in Fengxing Co., Ltd. (SZSE:002760) from Tellhow Group Co., Ltd. for approximately CNY 650 million on November 2, 2023. Under the terms, the consideration of CNY 457.688 million or 70% will be paid within days after both parties sign this agreement and the remaining 30% within 3 days after the exchange completes. As part of the transaction, Qinghai Western Indium will acquire 25,142,857 shares of Fengxing.

The transaction remains subject to approval by State Administration of Science, Technology and Industry for National Defense and the Shenzhen Stock Exchange. Within 10 days after the delivery of the underlying shares, the parties will initiate the adjustment process of board and the board of directors will consists of 7 directors, of which Tellhow has the right to nominate 1 independent director and Qinghai Western has the right to nominate 4 non-independent directors and 2 independent directors and 2 supervisor candidates.