Shenzhen Kinwong Electronic Co.,Ltd (SHSE:603228) agreed to acquire 51% stake in Zhuhai Shuangying Soft Circuit Co., Ltd. from Luxshare Precision Industry Co., Ltd. (SZSE:002475) for approximately CNY 290 million on September 19, 2018. Post acquisition, Luxshare Precision will hold 49% stake in Zhuhai Shuangying. As of December 31, 2017, Zhuhai Shuangying reported total asset of CNY 773.8 million, owner's equity of CNY 623 million, revenue of CNY 260.2 million, operating loss of CNY 30.3 million and net loss of CNY 40 million.

The transaction has been approved by the Board of Shenzhen Kinwong Electronic and does not need any other shareholders approval.