Poly Union Chemical Holding Group Co., Ltd. (SZSE:002037) agreed to acquire 70% stake in Hebei Satellite Chemical Co., Ltd. from Hebei State-owned Asset Holding&Operation Co., Ltd. for approximately CNY 220 million on November 25, 2021. Poly Union Chemical Holding shall pay 60% of the total transfer price (CNY 134.1 million) within 5 working days from the effective date of the contract as the first transfer price, Within 5 working days after completing the aforementioned industrial and commercial and state-owned property rights change registration items, Poly Union Chemical Holding shall pay the remaining 40% of the transfer amount. HebeiState-owned Asset Holding & Operation Co., Ltd. is the controlling shareholder holding 97.6475% of the shares in Satellite Chemical.

Hebei State-owned Asset Holding&Operation Co., Ltd. transfers 140 million shares. The board of directors of Poly Union Chemical Holding Group has approved the transaction.