Jinhua Chunguang Technology Co.,Ltd (SHSE : 603657) signed share purchase agreement to acquire remaining 45% stake in Suzhou Shangteng Technology Manufacturing Co., Ltd. from Tang Jingyi for approximately CNY 140 million on June 7, 2023. Following this transaction, Jinhua Chunguang Technology will hold 100% stake in Suzhou Shangteng Technology Manufacturing. Suzhou Shangteng Technology Manufacturing had total assets of CNY 730 million, net assets of CNY 64 million, operating revenue of CNY 1.15 billion and net profit of CNY 31 million, as of December 31, 2022.

The transaction has been approved in the 9th meeting of Jinhua Chunguang Technology?s 3rd Directorate held on June 7, 2023, and is subject to the shareholders? approval. As of August 8, 2023, the transaction is approved by shareholders of Jinhua Chunguang Technology Co.,Ltd.