Changzhou Nrb Corporation (SZSE:002708) entered into an interest transfer agreement to acquire Weihai Siflex Electronic Co., Ltd. and Weihai Gaoyatai Electronics Co., Ltd. from SIFLEX Co., LTD and SI TECH Co., Ltd. for CNY 60 million on March 13, 2020. Changzhou Nrb will acquire no less than 61.25% stake in Weihai Siflex Electronic Co., Ltd. and Weihai Gaoyatai Electronics Co., Ltd. Changzhou Nrb will pay no more than CNY 210 million. The transaction plan has been approved at the 17th meeting of the 3rd directorate of Changzhou Nrb on March 13, 2020. The transaction is subject to two parties agreeing on the details of the price of the equity transfer and signing of transaction documents such as a formal equity transfer agreement, the board of directors and shareholders' meeting of Changzhou Nrb passing a resolution to approve the transaction and Shenzhen Siflex Electronic Co., Ltd. becoming a wholly-owned subsidiary of Weihai Siflex Electronic Co., Ltd., and completing the change registration of industry and commerce and payment. As on September 26, 2020, the transaction has been reviewed and approved at the fifth meeting of the fourth board of directors and the fifth meeting of the fourth board of supervisors of Changzhou Nrb. Changzhou Nrb agreed to acquire Weihai Siflex Electronic Co,.Ltd from SIFLEX Co., LTD for CNY 80 million and to acquire Weihai Gaoyatai Electronics Co., Ltd. from SI TECH Co., Ltd for CNY 20 million on September 26, 2020. Under the terms of the transaction, for Weihai Siflex Electronic, Changzhou Nrb will pay CNY 40 million to SIFEX within 5 working days from the effective date of the transaction and the remaining balance will be paid within 2 working days from the delivery date and for Weihai Gaoyatai Electronics, a consideration of CNY 10 million will be paid within 5 working days from the effective date of agreement and the balance payment of CNY 10 million will be paid within 2 working days from the delivery date. Changzhou Nrb signed the equity transfer agreement to acquire Weihai Siflex Electronic Co,.Ltd from SIFLEX Co., LTD and to acquire Weihai Gaoyatai Electronics Co., Ltd. from SI TECH Co., Ltd on November 24, 2020. On December 1, 2020, Changzhou Nrb Corporation completed the first transfer price of CNY 40 million for Weihai Siflex Electronic and CNY 10 million for the first transfer price of Weihai Gaoyatai Electronics in accordance with the equity transfer agreement. As on December 17, 2020, SIFLEX Co., LTD will complete the capital increase by December 31, 2020. Weihai Siflex Electronic reported total assets of approximately CNY 370 million, net assets of approximately CNY 76 million, operating revenues of approximately CNY 570 million, operating loss of CNY 79.7 million and net loss of approximately CNY 150 million for the year ending December 31, 2019. Weihai Gaoyatai Electronics reported total assets of CNY 37.8 million,net asset of CNY 30.1 million, operating revenues of CNY 15.9 million, operating profit of CNY0.79 million and net profit of CNY 0.31 million for the year ending December 31, 2019. The transaction is subject to the approval of the shareholders of Changzhou Nrb and completion of private placement. Changzhou Nrb Corporation (SZSE:002708) completed the acquisition of Weihai Siflex Electronic Co., Ltd. and Weihai Gaoyatai Electronics Co., Ltd. from SIFLEX Co., LTD and SI TECH Co., Ltd. on December 29, 2020.