GEM Co., Ltd. (SZSE:002340) signed the Property Rights Transaction Contract to acquire 16.38% stake in Henan Recycling Technology Industry Group Co., Ltd. from Henan Investment Group Co.,Ltd for CNY 400 million on December 12, 2025. A cash consideration of CNY 400 million will be paid by GEM Co., Ltd. As part of consideration, CNY 400 million is paid towards common equity of Henan Recycling Technology Industry Group Co., Ltd.

As of September 30, 2025, Henan Recycling Technology Industry Group Co., Ltd. reported total assets of CNY 4.71 billion and total common equity of CNY 1.45 billion.