Li Ping entered into letter of intent to acquire 88.5% stake in Leshan Yinheyuan Magnetic Powder Co., Ltd. from Chengdu Galaxy Magnets Co.,Ltd. (SZSE:300127) for CNY 7.08 million on August 2, 2022. Chengdu Galaxy Magnets board of directors will be responsible for signing the relevant agreement on the equity transfer with Li Ping.