Shanghai Putailai New Energy Technology Co., Ltd. (SHSE:603659) agreed to acquire remaining 49% stake in Shandong Xingfeng New Energy Technology Co., Ltd from Li Qingmin and Liu Guangtao for approximately CNY 740 million on March 26, 2020. Under the terms, Shanghai Putailai New Energy will acquire 29.4% stake from Li Qingmin and 19.6% from Liu Guangtao. Consideration will be paid in cash and shares of buyer in equal proportion. On June 22, 2020, the transaction has been approved by board of directors of Shanghai Putailai.