Hunan Sokan New Materials Co., Ltd. (SHSE:688157) agreed to acquire 20% stake in Changsha Songrun New Material Co., Ltd from Li Yunkai, Lai Anping, Yang Yifeng and Liu Haijun for CNY 19.6 million on March 26, 2024. After the transaction, Hunan Sokan?s stake in Changsha Songrun will increase from 80% to 100%. Changsha Songrun will use its own funds for the acquisition.

Changsha Songrun reported total assets of CNY 58.4 million, net assets of CNY -1.3 million, revenues of CNY 66 million and net loss of CNY 0.03 million as of December 31, 2023. The board of directors of Hunan Sokan approved the transaction.