Shenzhen Prince New Materials Co., Ltd. (SZSE:002735) and Dongguan Beiming Industry Investment Partnership Enterprise (Limited Partnership) agreed to acquire 51.1% stake in Dongguan iRice Electronics Development Co., Ltd. from SinoRich Developments Ltd. for CNY 20.4 million on April 23, 2018. Shenzhen Prince New Materials Co., Ltd. will acquire 51% stake for CNY 20.4 million and Dongguan Beiming Industry Investment Partnership Enterprise (Limited Partnership) will acquire 0.11% stake for CNY 0.04 million. In a related transaction, Shenzhen Prince New Materials Co., Ltd. will carry out a capital increase of CNY 12.75 million and Dongguan Beiming Industry Investment Partnership Enterprise (Limited Partnership) will carry out a capital increase of CNY 6.6 million in Dongguan iRice Electronics Development Co., Ltd. Prior to the transaction, SinoRich Developments Ltd. held 100% stake, Shenzhen Prince New Materials Co., Ltd. and Dongguan Beiming Industry Investment Partnership Enterprise (Limited Partnership) held no stake in Dongguan iRice Electronics Development Co., Ltd. After the completion of the transaction, Shenzhen Prince New Materials Co., Ltd. will hold 51% stake, Dongguan Beiming Industry Investment Partnership Enterprise (Limited Partnership) will hold 0.11% stake and SinoRich Developments Ltd. will hold 48.89% stake in Dongguan iRice Electronics Development Co., Ltd. The board of Directors of Dongguan iRice Electronics Development Co., Ltd. shall compose of 5 Directors, wherein Shenzhen Prince New Materials Co., Ltd. shall appoint 2 names, Sinorich Developments Ltd. shall appoint 1 name and Dongguan Beiming Industry Investment Partnership Enterprise (Limited Partnership) shall appoint 2 names. Dongguan iRice Electronics Development Co., Ltd. had total assets of CNY 127.1 million and net assets of CNY 5.7 million as at December 31, 2017. Dongguan iRice Electronics Development Co., Ltd. had operating income of CNY 187.6 million, operating loss of CNY 8.1 million and net loss of CNY 7.5 million for the year ended December 31, 2018. The transaction has been approved by the Board of Shenzhen Prince New Materials Co., Ltd. on April 23, 2018.