Baosheng Science and Technology Innovation Co.,Ltd. (SHSE:600973) signed an equity transfer agreement to acquire an additional 21.21% stake in Changzhou Jinyuan Copper Co., Ltd. from JX Nippon Mining & Metals Corporation for approximately CNY 120 million on October 31, 2019. The consideration will be paid in cash. An 80% of the consideration will be paid within 7 days since completion of the respective foreign investment enterprise change filing. The extant 20% will be paid within 7 days since completion of change of registry procedures and the issuance of the respective new business license. On closing, Baosheng Science and Technology Innovation Co.,Ltd. will own an 85.2055% stake in Changzhou Jinyuan Copper Co., Ltd. As of December 31, 2018, Changzhou Jinyuan Copper Co., Ltd. reported total assets of CNY 2.2 billion and net assets of CNY 510 million. For the year ended December 31, 2018, Changzhou Jinyuan Copper Co., Ltd. reported operating revenue of CNY 6.2 billion, operating profit of CNY 30.1 million and net profit of CNY 22.6 million. The transaction was approved by the Baosheng Science and Technology Innovation Co.,Ltd.’s 8th meeting of the 7th directorate on October 31, 2019. Baosheng Science and Technology Innovation Co.,Ltd. (SHSE:600973) cancelled the acquisition of an additional 21.21% stake in Changzhou Jinyuan Copper Co., Ltd. from JX Nippon Mining & Metals Corporation on November 1, 2020.