Anhui Fengxing Wear Resistant Materials Co., Ltd. (SZSE:002760) signed an agreement to acquire remaining 49% stake in Kungfu Sci-Tech Co.,Ltd. from Hong Xiaohua for approximately CNY 230 million on May 20, 2021. Under the terms, Anhui Fengxing Wear Resistant Materials will acquire 31.93 million shares. Anhui Fengxing Wear Resistant will pay first transaction price which is 20% within 30 days of shareholders meeting and transfer all the shares, second transaction price which is 30% within 90 days of delivery of underlying asset and third transaction price which is 30% within 180 days of delivery of underlying asset. The balance sheet items of Kungfu Sci-Tech for March 31, 2021, are total assets of CNY 331.23 million and net assets of CNY 184.36 million. The financials of Kungfu Sci-Tech for December 31, 2020, are total assets of CNY 335.73 million, net assets of CNY 179.55 million, operating income of CNY 320.52 million and net profit of CNY 53 million. The transaction is approved by the Board of Directors and subject to approval of Anhui Fengxing Wear Resistant Materials. Zhongming International Assets Appraisal (Beijing) Co., Ltd. appraised Kungfu Sci-Tech for valuation. Anhui Fengxing Wear Resistant Materials Co., Ltd. (SZSE:002760) completed the acquisition of remaining 49% stake in Kungfu Sci-Tech Co.,Ltd. from Hong Xiaohua on June 30, 2021.