Guangxi Guangtou Industrial Chain Service Group Co., Ltd. agreed to acquire 2% stake in Guangxi Yongsheng Petrochemical Co., Ltd. from Guangxi Energy Co., Ltd. (SHSE:600310) for CNY 11 million on September 5, 2023. Guangxi Yongsheng Petrochemical Co., Ltd. reported total assets of CNY 4.6 billion and net assets of CNY 505.05 million on April 2023. Guangxi Energy Co., Ltd. board of directors approved the transaction. This transaction still needs to be approved by the company?s shareholders? meeting. As of OCtober 13, 2023, Guangxi Energy Co., Ltd. shareholders approved the transaction.

Cheng Yang, Wu Kaihua of First Capital Securities Underwriting Sponsor Co., Ltd. acted as financial advisor to Guangxi Energy Co., Ltd. (SHSE:600310). Lu Wangsheng, Pan Ying, Dong Yuheng, Ou Mingxi of Dacheng Law Offices acted as legal advisor to Guangxi Energy Co., Ltd. Fan Zhang, Wen Guiping of Wuyige Certified Public Accountants LLP acted as an accountant to Guangxi Energy Co., Ltd.

Guangxi Guangtou Industrial Chain Service Group Co., Ltd. completed the acquisition of 2% stake in Guangxi Yongsheng Petrochemical Co., Ltd. from Guangxi Energy Co., Ltd. (SHSE:600310) on October 31, 2023.