Henan Qi?ou General Machinery Co., Ltd. agreed to acquire 47% stake in Pingmei Shenma Machinery Equipment Group Henan Heavy Machinery Co., Ltd. from Linzhou Heavy Machinery Group Co.,Ltd (SZSE:002535) for CNY 70.4 million on April 2, 2024. Post the share transfer is completed, Linzhou Heavy Machinery Group will no longer hold any stake in Pingmei Shenma Machinery Equipment Group. The board of directors of Linzhou Heavy Machinery approved the transaction on April 2, 2024.

Pingmei Shenma Machinery Equipment reported owner's equity of CNY 176.7 million, revenues of CNY 264.5 million and net profits of CNY 10 million for December 31, 2023.