Hunan Corun New Energy Co., Ltd. (SHSE:600478), Hainan Xingyi New Energy Technology Co., Ltd. and Chenzhou Jiyao Technology Co., Ltd. agreed to acquire 50% stake in Shenzhen Corun Shuzhi Energy Technology Co., Ltd. from Guangdong Corun High-Tech Holding Co., Ltd. for CNY 10 million on January 22, 2024. The consideration consists of CNY 10 million in cash. As part of the consideration, CNY 10 million was paid towards common equity.

Shenzhen Corun Shuzhi reported total assets of CNY 51.6 million, net assets of CNY 15.9 million, revenue of CNY 13.6 million and net loss of CNY 2.9 million for the period ending December 31, 2023. The transaction has been approved by the Board of Directors of Hunan Corun New Energy Co., Ltd.