Shandong Shida Shenghua Chemical Group Company Limited (SHSE:603026) along with Dongying Xintai Heyi Industrial Investment Partnership (Limited Partnership) agreed to acquire 56.25% stake in Shandong Shida Fuhua New Material Technology Co., Ltd from Fuhai Group New Energy Holdings Co., Ltd. and Shandong Jindayuan Group Co., Ltd. for approximately CNY 120 million on May 3, 2022. Under the terms of the acquisition, Shandong Shida will acquire 31.25% stake from Fuhai Group for CNY 65.47 million and 15% stake from Jindayuan Group for CNY 51.42 million, while Dongying Xintai will acquire 10% stake from Jindayuan Group for CNY 0.95 million. The consideration will be paid with Shandong Shida's own funds. Post acquisition, Shandong Shida Shenghua will own 90% stake in Shandong Shida Fuhua. As of March 31, 2022, the total assets of Shandong Shida Fuhua were CNY 250 million. The transaction was unanimously approved by Shandong Shida Shenghua's Board of Directors.