Jiangsu Lopal Tech. Co., Ltd. (SHSE:603906) will acquire 70% stake in Yifeng Shidai New Energy Materials Co., Ltd. from Yichun Shidai New Energy Resources Co., Ltd. on October 28, 2022. As per the terms of agreement, Jiangsu Lopal Tech has paid CNY 26 million to Yifeng Shidai New Energy and agreed to pay total of CNY 350 million after the completion of the transfer procedures.

The board of Jiangsu Lopal Tech has reviewed and approved the deal on October 28, 2022. The shareholders of Yifeng Shidai New Energy Materials has approved the deal on November 15, 2022.