Shandong Head Group Co.,Ltd. (SZSE:002810) agreed to acquire Shandong Joyvo Weikem New Material Co., Ltd. from Zibo Huali New Material Co., Ltd., Ma Lei, Wang Shuchang and Ma Zhiyuan on August 28, 2023. As of June 30, 2023, Shandong Joyvo Weikem New Material reported total revenues of CNY 63 million, total assets of CNY 220 million, EBIT of CNY 15.8 million, net income of CNY 13.9 million and total common equity of CNY 73.9 million. The deal has been approved by board of directors of Shandong Head Group Co.,Ltd. As of September 26, 2023, Zibo Huali New Material Co., Ltd. acquired 47.0796% stake in Shandong Joyvo Weikem New Material Co., Ltd.