Jiangsu Luokai Mechanical &Electrical Co., Ltd. (SHSE:603829) agreed to acquire 49% stake in Jiangsu Luocheng Electric Technology Co., Ltd. from Shanghai Liangcheng Mechanical and Electrical Technology Co., Ltd. for CNY 4.7 million on December 26, 2023. The consideration consists of CNY 4.70 million in cash. As part of the consideration, CNY 4.70 million was paid towards common equity.

Prior to the transaction, Jiangsu Luokai Mechanical &Electrical Co., Ltd. (SHSE:603829) held 51%. Jiangsu Luocheng Electric reported total assets of CNY 15.3 million and net liabilities of CNY 0.87 million as on September 30, 2023. The transaction was approved by the Board of Directors of Jiangsu Luokai Mechanical &Electrical Co., Ltd.