Shanghai Beite Technology Co., Ltd. (SHSE:603009) agreed to acquire a 50% stake in Jiangsu Erhuajie Energy Equipment Co., Ltd. from Jin Chunmei and Jin Chunyan for CNY 61.4 million on December 12, 2022. Prior to this transaction, Jiangsu Erhuajie Energy Equipment was held 25% by Jin Chunmei and Jin Chunyan each, 32.50% by Shanghai Erhuajie Electromechanical Equipment Manufacturing Co., Ltd. and 17.50% by Beijing Jinyu Weiye Technology and Trade Co., Ltd. Post-closing of this transaction and capital increase Shanghai Beite Technology will hold 73.34% Jiangsu Erhuajie Energy Equipment, Shanghai Erhuajie Electromechanical Equipment Manufacturing Co., Ltd. and Beijing Jinyu Weiye Technology and Trade Co., Ltd. will hold 17.33% and 9.33% stake respectively.

Jiangsu Erhuajie Energy Equipment had total assets of CNY 56.47 million and net assets of CNY 54.25 million as of October 31, 2022. This transaction has been reviewed and approved at the second meeting of the fifth board of directors held by Shanghai Beite Technology and will be submitted to their general meeting of shareholders for consideration and approval. Transaction has been approved by Shanghai Beite Technology Co., Ltd. shareholders on December 28, 2022.