Jack Sewing Machine Co., Ltd. (SHSE:603337) and Jack Europe S.à r.l. agreed to acquire 10% stake in Vi.Be.Mac. Spa and Zhejiang Weibima Intelligent Sewing Technology Co., Ltd. from GUERRESCHI ELENA for CNY 23.4 million on January 20, 2021. Under the terms of transactions, Jack Europe S.à r.l. will acquire 10% stake in Vi.Be.Mac. Spa for CNY 22.4 million and 10% stake in Zhejiang Weibima Intelligent Sewing Technology for CNY 1 million. After the completion of the equity transfer, the company’s equity in Zhejiang Weibima and Italy VBM will increase from 80% to 90%. As of September 30, 2020, Zhejiang Weibima Intelligent Sewing had total assets of CNY 19.3 million and net assets of CNY 6.15 million. As of September 30, 2020, Vi.Be.Mac had total assets of CNY 93.2 million and net assets of CNY 57.8 million. The transaction needs to be approved and filed by relevant government departments such as development and reform, commerce, etc. The Board of Jack Europe S.à r.l approved the deal.