Huada Automotive Technology Corp.,Ltd (SHSE:603358) agreed to acquire additional 44% stake in Jiangsu Hengyi Industrial Technology Co., Ltd. from Ju Xiaoping, He Liping, Wan Xiaomin, Zheng Xinrong, and Zou Zhanwei on December 18, 2023. The Huada Automotive Technology Corp.,Ltd plans to purchase 44% of the equity of Jiangsu Hengyi through the issuance of shares and payment of cash. The consideration for this transaction should be based on the assessed value and determined by consensus between the parties to the transaction.

The transaction is subject to the formal transaction agreement and approval by Shanghai Stock Exchange. The transaction has been approved by the Board of Directors of Huada Automotive Technology and shareholders of Jiangsu Hengyi Industrial Technology. 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.