Huada Automotive Technology Corp.,Ltd (SHSE:603358) agreed to acquire additional 10.2% stake in Jiangsu Hengyi Industrial Technology Co., Ltd. from Yibin Chendao New Energy Industry Equity Investment Partnership Ent. (L.P.), Ningbo Meishan Bonded Port Area Chaoxing Venture Capital Partnership Enterprise (LP) and Ningbo Meishan Bonded Port Area Chendao Investment Partnership Enterprise (L.P.) on December 18, 2023. Prior to the transaction, Huada Automotive Technology Corp.,Ltd (SHSE:603358) held 45.8%.

The transaction is subject to the formal transaction agreement. As on December 25, 2023, cash equity acquisition agreement was signed and the transaction was approved by the Board of Directors of Huada Automotive. The transaction shall be funded by Huada Automotive's own cash funds.

Jiangsu Hengyi Industrial Technology reported total assets of CNY 1.9 billion and net assets of CNY 643.5 million as on October 31. 2023.