Xiamen Tungsten Co., Ltd. (SHSE:600549) agreed to acquire 6.94% stake in Chengdu Hongbo Industrial Co., Ltd. from Foshan Electrical and Lighting Co.,Ltd (SZSE:000541) on October 22, 2018. Xiamen Tungsten Co., Ltd. entered into a stake transfer agreement to acquire 6.94% stake in Chengdu Hongbo Industrial Co., Ltd. from Foshan Electrical and Lighting Co.,Ltd for CNY 19.6 million on March 7, 2019. Presently, Xiamen Tungsten holds 88.05% stake and Foshan Electrical and Lighting holds 6.94% stake in Chengdu Hongbo Industrial, respectively.

Post completion, Foshan Electrical and Lighting will hold no stake in Chengdu Hongbo Industrial. For the year ended December 31, 2018, Chengdu Hongbo Industrial reported total assets of CNY 595.91 million, net assets of CNY 269.16 million, revenue of CNY 1.05 billion, operating profit of CNY 42.08 million and net profit of CNY 269.16 million. The transaction is approved at the twenty eighth session of the eighth directorate meeting of Foshan Electrical and Lighting.