Baoding Waqi Group Co., Ltd. agreed to acquire Hangzhou Baoding Scrap Metal Recycling Co., Ltd and Baoding Heavy Industry Co., Ltd. from Baoding Technology Co., Ltd. (SZSE:002552) for approximately CNY 380 million on January 22, 2024. The consideration consists of CNY 377.5 million in cash. As part of the consideration, CNY 377.5 million was paid towards assets.

As on January 23, 2024, the property rights transaction contract was signed. The transaction was approved by the Board of Directors of Baoding Technology Co., Ltd.