Luxi Chemical Group Co., Ltd. (SZSE:000830) signed a share transfer agreement to acquire remaining 56.3% stake in Luxi New Energy Equipment Group Co., Ltd. from Luxi Group Co., Ltd. for CNY 91.1 million on September 28, 2020. The consideration will be paid in cash. As per the terms, within 5 working days after the agreement becomes effective, Luxi Chemical Group Co., Ltd. will pay the full transfer price and within 15 working days after the payment, the shares will be transferred to Luxi Chemical Group Co., Ltd. In related transaction Luxi Chemical Group Co., Ltd. (SZSE:000830) signed a share transfer agreement to acquire Luxi Group Co., Ltd. from Luxi Group Co., Ltd. for CNY 342 million on September 28, 2020.

As of December 31, 2019, Luxi New Energy Equipment Group Co., Ltd has revenue of CNY 217.5 million, operating profit of CNY 3.4 million, net profit of CNY 2.7 million, total assets of CNY 669.1 million and net assets of CNY 100.3 million. As of June 30, 2020, Luxi New Energy Equipment Group Co., Ltd has total assets of CNY 356.4 million and net assets of CNY 101.4 million. The transaction was approved by Luxi Chemical Group Co., Ltd's board of directors and do not need the shareholders approval.