KENGIC Intelligent Technology Co., Ltd. (SHSE:688455) agreed to acquire Qingdao Mesnac Intelligent Equipment Co., Ltd. from Mesnac Co., Ltd. (SZSE:002073) for CNY 51 million on April 25, 2023. Recently, Mesnac signed the share transfer agreement with KENGIC Intelligent. As per agreement, The equity transfer payment shall pay in two installments: (1) The first phase of payment for equity transfer of CNY 25 million, Within 5 working days after this agreement takes effect, (2) The second phase of payment for equity transfer of CNY 26 million, within five working days from the date of completion of the industrial and commercial change registration procedure for this transaction.

Qingdao Mesnac Intelligent has reported total assets of CNY 95.4 million and net assets of CNY 29.5 million on March 31, 2023. The board of Mesnac has approved the transaction at 7th session of Mesnac’s 8th directorate held on April 25, 2023. On April 25, 2023, the Company held the 14th Meeting of the 1st Directorate and the 13th Meeting of the 1st Supervisory Board and On May 16, 2023, the Company held the Annual General Shareholders Meeting of 2022, and approved the transaction.