Shenzhen Prince New Materials Co., Ltd. (SZSE:002735) agrees to acquire additional 49% stake in Wuhan Zhongdian Huarui Technology Development Co., Ltd from Zhu Zhu, Zhu Wanli, Liu Jiangzhou, Jiang Shanwen and Guo Yufeng for approximately CNY 170 million on July 18, 2022. After the completion of the equity transfer, the company will directly hold 100% of the equity of Wuhan Zhongdian Huarui Technology Development Co., Ltd. The transaction will be financed from it's own funds. As of December 2021,Wuhan Zhongdian Huarui Technology Development Co., Ltd reported a revenue of CNY 81.291545 million,Total assets of CNY 125.716162 million,EBIT of CNY 31.421678 million,Net income of CNY 27.10467 and Total common equity of CNY 94.671015 million.

The transaction was already approved by Shenzhen Prince New Materials Co., Ltd. board of directors.