Ningbo Tuopu Group Co., Ltd. (SHSE:601689) agreed to acquire 89.8% stake in Tuopu Do Brasil Autopeças Ltda. from Shanghai Tuowei Auto Technology Co., Ltd. for $0.02 million on May 18, 2017. After completion Ningbo Tuopu Imp. & Exp. Corp. will hold 10.2% and Ningbo Tuopu Group Co will hold 89.8% in Tuopu Do Brasil Autopeças Ltda. After the completion of the acquisition, Ningbo Tuopu Group Co will increase the capital of Tuopu Do Brasil Autopeças Ltda. by $4.9 million. The transaction does not need approval from the shareholders of Ningbo Tuopu Group Co. Transaction is subject to board of directors of Ningbo Tuopu Group Co. The transaction has been approved by the Directors of Ningbo Tuopu Group Co.