Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) signed a share transfer agreement to acquire 68.9% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao for approximately CNY 270 million on July 31, 2020. The sellers will sell 10.4%, 31%, 10%, 10% and 7.5% stake respectively. Post completion, Zhong Weihua will continue holding 31.1% stake while rest of the sellers will exit. For the year ended December 31, 2019, Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. reported total assets of CNY 86.3 million, net assets of CNY 27.4 million, revenues of CNY 42.6 million, operating profit of CNY 18.5 million and net profit of CNY 15.2 million. The Board of Directors of Chengdu Haoneng Technology Co., Ltd. approved the deal. The transaction does not require shareholders’ approval. Chengdu Haoneng Technology Co., Ltd. (SHSE:603809) completed the acquisition of 68.9% stake in Chengdu Haoyiqiang Aviation Equipment Manufacturing Co., Ltd. from Zhong Weihua, Wang Chunmei, Wu Jianguo, Zhou Yafeng and Liu Xiao on August 21, 2020.