Shenzhen Inovance Technology Co.,Ltd (SZSE:300124) agreed to acquire 45.99992% of stake in Jiangsu Kingway Transportation Co., Ltd. from Ma Jianfeng and Lu Xin for CNY 500 million on July 22, 2022. Shenzhen Inovance Technology Co.,Ltd will acquire 27.59995% stake in Jiangsu Kingway Transportation Co., Ltd. from Ma Jianfeng for CNY300 million and will acquire 18.39997% stake in Jiangsu Kingway Transportation Co., Ltd. from Lu Xin for CNY200 million. The source of funds for this acquisition is self-owned funds or self-raised funds. Jiangsu Kingway has a total assets of CNY 796 million and net assets of CNY 356 million as of March 31, 2022. The company has paid CNY 185 million for the first phase of equity transfer on November 2, 222.

Shenzhen Inovance Technology Co.,Ltd (SZSE:300124) completed the acquisition of 45.99992% of stake in Jiangsu Kingway Transportation Co., Ltd. from Ma Jianfeng and Lu Xin on November 2, 2022.