Shanghai Mechanical & Electrical Industry Co., Ltd. (SHSE:600835) agreed to acquire 47.6% stake in Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. from Shanghai Electric Industrial Co., Ltd. for approximately CNY 810 million on June 12, 2020. In 2019, Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. generated revenue of CNY 3.2 billion and net profit of CNY 110.2 million. As of December 31, 2019, Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. had total assets of CNY 2.3 billion and net assets of CNY 1.5 billion. Transaction is subject to approval from shareholders of Shanghai Mechanical & Electrical Industry. As of June 12, 2020, transaction was approved by Board of Directors of Shanghai Mechanical & Electrical Industry. As of June 30, 2020, transaction was approved by shareholders of Shanghai Mechanical & Electrical Industry.