Hunan Yujing Machinery Co.,Ltd (SZSE:002943) agreed to acquire remaining 49% stake in Hunan Yiyuan New Material Technology Co., Ltd. from Group of sellers for CNY 60 million on April 20, 2023. Group of sellers include; Yu Jing, Gu Guoqiang, Li Chun, Chen Changyun, Qin Jinglong, and Liu Haizhen. Under the terms, CNY 27 million will be paid in cash and CNY 33 million in kind.

Post acquisition, Hunan Yujing Machinery will hold 100% stake in Hunan Yiyuan New Material. On the second day after the agreement becomes effective, Hunan Yujing will pay the first payment CNY 11.2097 million, within 5 working days after the completion of the transfer, Hunan Yujing will pay the second payment of CNY 8.7903 million and Within 2 years after the completion of the change of business registration, the Hunan Yujing will pay the remaining amount of CNY 77 million. For the year ended December 31, 2022, Hunan Yiyuan New Material had CNY 265.60 million of total assets, CNY 64.65 million of net assets, CNY 176.14 million of Revenue, CNY 22.99 operating profit and CNY 20.97 of Net profit