Jiangsu Yoke Technology Co., Ltd. (SZSE:002409) signed an equity transfer agreement to acquire additional 45% stake in Jiangsu Ketemei New Materials Co., Ltd. from Xu Chundong for approximately CNY 100 million on August 29, 2020. The total consideration shall be paid in cash with Jiangsu Yoke Technology to pay 50% of the equity transfer price to Xu Chundong on the date of signing this agreement and 50% of the equity transfer price to Xu Chundong within five working days from the completion of the industrial and commercial change registration procedures for this equity transfer. As a result of the transaction, Jiangsu Yoke Technology will hold 55% stake in Jiangsu Ketemei New Materials while Xu Chundong will hold 38% stake. In June 30, 2020, Jiangsu Ketemei New Materials reported a total assets of CNY 0.03 million, total common equity of CNY 0.02 million, total revenues of CNY 0.01 million, EBIT of CNY -1,442 and negative net income of CNY 1,283.