Shiyan Taixiang Industry Co.,Ltd. (SZSE:301192) signed the share transfer intent agreement to acquire 76.38% stake in Jiangsu Hongma Technology Co., Ltd. from Ying Zhi?ang, Cheng Mengyi, Ying Chengyang, Ying Chengye and other shareholders for approximately CNY 183.30 million on August 22, 2022. Within 10 working days after the signing of this agreement, Party Shiyan Taixiang Industry Co., Ltd. shall pay sellers the intention fee of CNY 50 million for this equity transfer. After the first batch of target equity held by Sellers is completed and Sellers receives the corresponding equity transfer payment, Sellers shall return to Shiyan Taixiang Industry Co., Ltd. the above-mentioned CNY 40 million transaction intention fee; After the delivery of the remaining target equity held by Ying Zhi?ang is completed and the corresponding equity transfer payment is received, Sellers shall return the above-mentioned 10 million yuan of transaction intention money to Shiyan Taixiang Industry Co., Ltd. As December 26, 2022, Shiyan Taixiang Industry, Ying Zhi?ang, Cheng Mengyi, Ying Chengyang, Ying Chengye and Li Yan has signed Conditionally Effective Equity Transfer Agreement 82.68% stake in Jiangsu Hongma Technology on December 26, 2022. Shiyan Taixiang Industry, Ying Youting and Shanghai Ruiding Electromechanical has signed Conditionally Effective Equity Transfer Agreement to acquire 16.44% stake in Jiangsu Hongma Technology on December 26, 2022. The transaction price of 99.13% stake is approximately CNY 240 million. The board of Shiyan Taixiang Industry has approved the deal on December 26, 2022. The shareholders of Shanghai Ruiding Electromechanical Technology has approved the deal on December 26, 2022.
As on March 17, 2023, Shiyan Taixiang Industry Co., Ltd. 19th session of the company?s 3rd directorate approved the acquisition. For the year ended, December 31, 2022, Jiangsu Hongma Technology Co,Ltd total asset is CNY 385.17 million, Shareholders? equity is CNY 174.57 million, revenue is CNY 245.35 million, Operating profit is CNY -37.96 million and net profit is --40.22 million.
Changjiang Financing Services Co., Ltd. acted as financial, Zhong Lun Law Firm acted as legal and Gongzheng Tianye Certified Public Accountant acted as accountant to Shiyan Taixiang Industry Co.,Ltd. in the deal.

Shiyan Taixiang Industry Co.,Ltd. (SZSE:301192) completed the acquisition of 76.38% stake in Jiangsu Hongma Technology Co., Ltd. from Ying Zhi?ang, Cheng Mengyi, Ying Chengyang, Ying Chengye and other shareholders on November 28, 2023.