NBTM New Materials Group Co., Ltd. (SHSE:600114) agreed to acquire remaining 40% stake in ZheJiang NBTM KeDa Magnetoelectricity Co., Ltd. from Ningbo Xinjinguang Investment Management Co., Ltd. and Ke Xin for approximately CNY 230 million on January 17, 2022. Under the terms, As of February 15, 2022, NBTM New Materials Group Co., Ltd. paid 50% of the consideration amount which is CNY 116 million. The deal is subject to approval from NBTM New Materials Group Co., Ltd. board and shareholders.

As of January 17, 2022, NBTM New Materials Group Co., Ltd. board approved the deal. As of February 9, 2022, NBTM New Materials Group Co., Ltd. shareholders approved the deal. As at September 30, 2021 ZheJiang KeDa Magnetoelectricity Co., Ltd recorded the assets of CNY 610 million and net assets of CNY 120 million.