Shanghai Yifan Technology Co., Ltd. agreed to acquire ZhongXing Energy Equipment Co.,Ltd. from Nanfang Ventilator Co., Ltd. (SZSE:300004) for CNY 1.1 billion on May 18, 2021. As on December 31, 2021, total asset, net asset, revenue, operating profit and net profit of ZhongXing Energy Equipment Co.,Ltd. was CNY 1.8 billion, CNY 1.6 billion, CNY 570 million, CNY 29.4 million and CNY 24.3 million respectively. As per the article on October 21, 2021, The transaction plan has been reviewed and approved by the counterparty's internal authority.

The transaction is subject to approval of Nanfang shareholders. On June 22, 2021, the 8th session of the 5th directorate of Nanfang Ventilator Co., Ltd. approved the transaction. China Security Co., Ltd. (SHSE:600654) acting as a financial advisor, Kingson Law Firm as a legal advisor and Zhongxinghua Certified Public Accountants LLP as an accountant to Nanfang Ventilator Co., Ltd. for the transaction.