Bethel Automotive Safety Systems Co., Ltd (SHSE:603596) and Wuhu Ruizhi Lianneng Technology Co., Ltd. signed a Share Transfer agreement to acquire a 65% stake in Zhejiang Wanda Steering Gear Co.,Ltd. from Zhejiang Wanda Automobile Parts Co., Ltd. for approximately CNY 290 million on April 7, 2022. As part of the transaction, Bethel Automotive will acquire 45% stake for CNY 200.8 million and Wuhu Ruizhi Lianneng will acquire 20% stake for CNY 89.24 million in Zhejiang Wanda Steering. The consideration will be funded from own funds. After the transaction, Zhejiang Wanda Automobile will still hold 16.49% stake in Zhejiang Wanda Steering. This transaction has been approved in the 4th Meeting of the Bethel Automotive's 3rd Directorate, and is subject to the Shareholders' Approval. On April 29, 2022, the Bethel Automotive's 2021 annual general meeting reviewed and approved the transaction.