Jiangsu Daybright Intelligent Electric Co.,LTD. (SZSE:300670) agree to acquire 54% stake in Jiangsu Gulf Electrical Technology Co., Ltd. from group of shareholders on May 21, 2021. Under the terms of transaction, Jiangsu Daybright Intelligent Electric Co will pay 60% in new shares to be issued at CNY 6.78 per share and 40% in cash. Jiangsu Daybright Intelligent will raise supporting funds for transaction and proceeds will be used for the cash considerations of the acquisition, the integration fees, intermediary fees and others. As at March 31, 2021, Jiangsu Gulf Electrical Technology had total assets worth CNY 1.3 billion and net assets worth CNY 293.8 million. For year ended December 31, 2020, it had revenues of CNY 332 million, operating profit of CNY 92 million and net profit of CNY 85 million. Jiangsu Daybright Intelligent Electric Co. obtained Sellers' Internal Decision-Making Institutions' Approval and Approval of the 6th Meeting of the Company's 3rd Directorate. Transaction is still subject to Second Approval of the Company's Directorate after the Target Assets' Audit and Assessment Work are Completed;Shareholders' Approval, Sellers and Jiangsu Gulf Electrical Technology Co., Ltd.'s Internal Decision-Making Institutions' Approval, Ministry of Commerce's Business Concentration Anti-monopoly, Shenzhen Stock Exchange's Approval,CSRC's Approval and Other Necessary Approvals.

Jiangsu Daybright Intelligent Electric Co.,LTD. (SZSE:300670) cancelled the acquisition of 54% stake in Jiangsu Gulf Electrical Technology Co., Ltd. from group of shareholders on January 23, 2022.