Li Youming signed a framework agreement to acquire 60% in Dongguan Hangsheng New Energy Materials Co., Ltd. from Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. (SZSE:300537) for CNY 18.8 million on December 9, 2020. The consideration will be paid in cash in two equal installments. The first installment is payable within 20 days after this agreement comes into effect and remaining before December 31, 2021. For the year ended December 31, 2019, Dongguan Hangsheng New Energy Materials Co., Ltd. reported total assets of CNY 66.4 million, net liabilities of CNY 10.8 million, revenues of CNY 42.7 million, operating profit of CNY 1.2 million and net profit of CNY 19 million. On December 9, 2020, the Board of Directors and Supervisors of Dongguan Hangsheng New Energy Materials Co., Ltd. approved the deal. The deal also requires approval from shareholders of Jiangsu Kuangshun Photosensitivity. On December 16, 2020, Dongguan Hangsheng have repaid a total of CNY 17 million of loans.