Chenzhou City Jingui Silver Industry Co., Ltd. (SZSE:002716) agreed to acquire Hunan Baoshan Nonferrous Metal Mining Co., Ltd. from Hunan Nonferrous Industrial Investment Group Co., Ltd. and Hunan Gold Group Co., Ltd for approximately CNY 1.2 billion on October 20, 2022. Under the terms, the acquisition will be through the issuance of shares. Chenzhou City Jingui Silver's board of directors has approved the transaction. As of April 18, 2023, Hunan Nonferrous Industrial Investment Group Co., Ltd. and Hunan Gold Group Co., Ltd divest 60.14% and 39.84% ownership in Hunan Baoshan Nonferrous Metals & Minerals respectively. The transaction is still subject to the approval of the general meeting of shareholders of Chenzhou City Jingui Silver Industry, Shenzhen Stock Exchange, China Securities Regulatory Commission, State Administration for Market Regulation, State Administration for Market Regulation, and from other competent management departments that may be involved. As of May 22, 2023, recently, the Chenzhou State-owned Assets Supervision and Administration Commission approved the transaction.

Huang Zhaohui, Hu Haifeng, Sun Xingde, Wang Du, Chen Hanjue, and Zhao Jinhao of China International Capital Corporation Limited (SEHK:3908) acted as financial advisor, Zhu Zhiyi, Liao Qingyun, Long Bin, and Shi Sheng of Hunan Qiyuan Law Firm acted as legal advisor, and Cao Guoqiang, Zhou Yi, He Sheng, and Zheng Shengjun of Pan-China Certified Public Accountants LLP acted as an accountant to Chenzhou City Jingui Silver Industry Co., Ltd.