Jiangsu Erhuajie Energy Equipment Co., Ltd. agreed to acquire Tianjin Beite Aluminum Alloy Precision Manufacturing Co., Ltd. from Shanghai Beite Technology Co., Ltd. (SHSE:603009) for approximately CNY 110 million on December 12, 2022. This transaction has been reviewed and approved at the second meeting of the fifth board of directors held by Shanghai Beite on December 12, 2022 and subject to shareholders approval. Tianjin Beite has a total assets of CNY 185 million and net assets of CNY 104 million as of October 31, 2022.

Transaction has been approved by Shanghai Beite Technology Co., Ltd. shareholders on December 28, 2022.