Zhonglue Wanxin No. 21 Private Equity Securities Investment Fund, managed by Xiamen Zhonglue Investment Management Co.,Ltd. agreed to acquire a 5.50% stake in Changzhou Shenli Electrical Machine Incorporated Company from Chen Zhongwei for approximately CNY 170 million.

Zhonglue Wanxin No. 21 Private Equity Securities Investment Fund, managed by Xiamen Zhonglue Investment Management Co.,Ltd. agreed to acquire a 5.50% stake in Changzhou Shenli Electrical Machine Incorporated Company (SHSE:603819) from Chen Zhongwei for approximately CNY 170 million on January 12, 2023. The cash price is CNY 14.13 per share.

Post closing, Zhonglue Wanxin No. 21 will own 11,975,160 shares, representing approximately 5.5% stake in Changzhou Shenli and Chen Zhongwei?s ownership will update from 36.20% to 30.70%.