Zhejiang Aiko Solar Energy Technology Co., Ltd. signed an equity transfer contract to acquire Chuzhou Saiwei Energy Technology Co., Ltd. from Jiangxi Haiyuan Composites Technology Co.,Ltd. (SZSE:002529) for CNY 38 million on March 18, 2024. The consideration consists of CNY 38 million in cash. Chuzhou Saiwei Energy Technology reported total assets of CNY 10,139,174.17 and net assets of CNY -4,145,929.08 as at September 30, 2023.

The transaction has been approved by board of Jiangxi Haiyuan Composites Technology and is subject to financial, legal and other due diligence work.