Harbin Dongan Auto Engine Co.,Ltd (SHSE:600178) agreed to acquire 60% stake in Beijing Zhiyue Engine Co., Ltd. from Beiqi Foton Motor Co.,Ltd. (SHSE:600166) for approximately CNY 340 million on April 6, 2022. The agreement has signed on March 15, 2023. Harbin Dongan will pay the consideration in one-time payment method and shall remit the transfer price to the settlement account within five working days after the contract takes effect.

The board of Beiqi Foton Motor has approved the transaction on April 6, 2022.