Jiangsu Dongqi Industrial Automation Technology Co., Ltd. agreed to acquire a 12.39% stake in Jiangsu Baoli International Investment Co., Ltd. (SZSE:300135) from Zhou Dehong and Zhou Xiufeng for approximately CNY 340 million on February 1, 2023. Under the terms, Jiangsu Dongqi will acquire 114.17 million shares at a price of CNY 2.99 per share. Post acquisition, Jiangsu Dongqi will hold 12.39 stake in Jiangsu Baoli International.

As of January 13, 2023, shareholders of Jiangsu Dongqi Industrial Automation Technology Co., Ltd. approved the transaction.