Shanghai Red Avenue Electronic Materials Co., Ltd., Shanghai Zhengfang Chemical Co., Ltd. and Tianjin Xianzhi Chain Investment Center (Limited Partnership) signed an agreement to acquire Asahi Electronic Materials Co., Ltd. from BOE Technology Group Company Limited (SZSE:000725) for approximately CNY 430 million on December 4, 2020. Under the term, Shanghai Red Avenue Electronic Materials Co., Ltd., Shanghai Zhengfang Chemical Co., Ltd. and Tianjin Xianzhi Chain Investment Center will acquire 45%, 35% and 20% respectively. As of December 24, 2020, Shanghai Red Avenue Electronic Materials Co., Ltd. acquired 45% stake in the Asahi for approximately CNY 190 million. As of December 31, 2019, Asahi Electronic Materials reported total assets of CNY 201.76 million, net assets of CNY 151.16 million, revenue of CNY 181.95 million and net profit of CNY 24.7 million. The transaction does not need shareholder approval.