Shenzhen EXC-LED Technology Co.,Ltd (SZSE:300889) agreed to acquire 80% stake in Foshan Shunde Innova Electronic Materials Co., Ltd. from a group of sellers for approximately CNY 260 million on April 26, 2022. Shenzhen EXC-LED Technology Co.,Ltd will sign the intent agreement for the acquisition. As per the terms of the agreement, Shenzhen EXC-LED Technology Co.,Ltd shall pay Ye Zhibin no less than 50% of the consideration within 10 working days after Foshan Shunde Innova Electronic Materials Co., Ltd. completes the industrial and commercial filing procedures for the transaction, and the rest shall be paid in three installments according to the completion of the performance commitment. Shenzhen EXC-LED Technology Co.,Ltd shall pay to Foshan Lichuang Zhaosheng Enterprise Management Center (Limited Partnership), Zhu Jianmin, Foshan Shunde Demei Dexin Industrial Investment Partnership Enterprise (Limited Partnership), Cai Lifeng, Li Zhong, Tang Xianshi and Ye Shaowei 70% of the consideration within 20 working days after the closing and the rest shall be paid in one lump sum within one year. Shenzhen EXC-LED Technology will use CNY 192 million of own fund to fund this acquisition. The Board of Shenzhen EXC-LED Technology has approved the deal on April 22, 2022. Foshan Shunde Innova Electronic Materials has reported total assets of CNY 159.2 million and net assets of 70.2 million as of March 31, 2022. Foshan Shunde Innova Electronic Materials has reported net profit of CNY 12.39830677 million in December 31, 2021. On July 13, 2022 board of directors of Shenzhen EXC-LED Technology approved the transaction. Shenzhen EXC-LED Technology Co.,Ltd (SZSE:300889) entered into an agreement to acquire 80% stake in Foshan Shunde Innova Electronic Materials Co., Ltd. for CNY 192 million on July 18, 2022.