Konfoong Materials International Co., Ltd (SZSE:300666) agreed to acquire remaining 46% stake in Ningbo Konfoong Xinchuang Technology Co., Ltd. from Ling Pei Technology Ltd. and Versa Conn Corp. for approximately CNY 130 million on October 20, 2023. As of July 31, 2023, Ningbo Konfoong Xinchuang Technology Co., Ltd. reported total assets of approximately CNY 170 million and total common equity of approximately CNY 49.9 million.

The deal has been approved by board of directors of Konfoong Materials International Co., Ltd (SZSE:300666). BDO China SHU LUN PAN Certified Public Accountants LLP acted as an accountant to Ningbo Konfoong Xinchuang Technology Co., Ltd.