Shenzhen Inovance Technology Co., Ltd. (SZSE:300124) signed an equity transfer agreement to acquire remaining 45% stake in Jiangsu Huicheng Motor Co., Ltd from Jiangsu Weiteli Motor Co., Ltd for CNY 31 million on November 16, 2017. Under the terms, Shenzhen Inovance Technology will make a first installment of CNY 15 million within 60 days since the signing of the agreement and will make a second installment of CNY 16 million within 3 days since the transfer of the underlying equity. Post-acquisition, Shenzhen Inovance Technology will own a 100% stake in the Jiangsu Huicheng Motor. The transaction is approved by the Board of Directors of Shenzhen Inovance Technology Co., Ltd.