BASF SE (XTRA:BAS) signed an equity purchase agreement to acquire 51% stake in Hunan Shanshan Energy Technology Co., Ltd. from Ningbo Shanshan New Energy Technology Development Co., Ltd., Ningbo Yongxiang Investment Co., Ltd., Geely Maijie Investment Co., Ltd., Changsha Huashan Investment Management Co., Ltd., Guangzhou Zhourongyan Equity Investment Management Partnership and 12 natural person shareholders on May 19, 2021. Under the terms of the transaction, BASF SE will acquire 5.6192% from Ningbo Shanshan New Energy Technology Development Co., Ltd., 14.0246% from Ningbo Yongxiang Investment Co., Ltd., 7.1417% from Guangzhou Zhourongyan Equity Investment Management Partnership and Geely Maijie Investment Co., Ltd., 13.3689% from Changsha Huashan Investment Management Co., Ltd. and remaining 3.739% from 12 natural person shareholders. Post-closing, BASF SE will hold 51% stake and Ningbo Yongxiang Investment Co., Ltd. will hold 49% stake in Hunan Shanshan Energy Technology Co., Ltd. For the first quarter of 2021, Hunan Shanshan Energy Technology Co., Ltd. had total assets of CNY 743.47 million and net assets of CNY 412 million. The transaction is subject to approval from the shareholders of BASF and Ningbo Shanshan Co., Ltd., joint venture agreements, BASF Board of Directors and relevant government departments. The transaction was unanimously approved by the Board of Directors of Ningbo Shanshan Co., Ltd. Yinxin Asset Appraisal Co., Ltd. acted as the appraiser and BDO China SHU LUN PAN Certified Public Accountants (special general partnership) acted as an accountant in the transaction. The transaction was approved by Ningbo shareholders in the general meeting. As of August 31, 2021, Ningbo Yongxiang Investment Co., Ltd. completed the disposal. NingboShanshan's shareholding in Hunan Shanshan Energy Technology has dropped from 68.6438% to 49%, the company no longer exercises control over Shanshan Energy.