Shandong New Beiyang Information Technology Co., Ltd. (SZSE:002376) agreed to acquire additional stake in Weihai New Beiyang Zhengqi Robot Co., Ltd. from Weihai Zhengqi Electromechanical Technology Co., Ltd. for CNY 4.7 million on December 11. 2018. A total of 6 million shares will be acquired as part of the deal at CNY 0.78 per share. Payment will be done in one single installment within 10 days since signing of the corresponding agreement. In a related transaction, Weihai New Beiyang Zhengqi Robot Co., Ltd. announced a private placement of 7 million common shares at a price of CNY 1 per share for gross proceeds of CNY 7 million on December 11, 2018. After both acquisition and increase, Shandong New Beiyang's stake in Weihai New Beiyang Zhengqi will increase from 35% to 53.51%. Weihai New Beiyang Zhengqi Robot reported net assets of CNY 36.45 million, total assets of CNY 40.27 million, sales of CNY 10.66 million and net loss of CNY 5.61 million as of December 31, 2017. The transaction was approved by the 5th meeting of the 6th directorate of Shandong New Beiyang Information.