Beijing Oriental Yuhong Waterproof Technology Co., Ltd. (SZSE:002271) signed the Equity Transfer Agreement to acquire 60% stake in Hubei Xingfa Lingzi New Materials Co., Ltd from Chengdu Lingzhi Ruida New Materials Co., Ltd and Hubei Xingrui Chemical Co., Ltd. for CNY 28.88 million on November 7, 2022. Beijing Oriental Yuhong Waterproof Technology will acquire 40% stake from Chengdu Lingzhi Ruida New Materials and 20% stake from Hubei Xingrui Chemical Co., Ltd. Beijing Oriental Yuhong Waterproof Technology will finance the transaction with it's own funds. Hubei Xingfa Lingzi New Materials reported Total assets worth CNY 123.5 million, EBIT of CNY 234.4 million and Net income of CNY 29.1 million in December 31, 2021.