Suzhou Cheersson Precision Metal Forming Co., Ltd. (SZSE:002976) agreed to acquire Pneuride Limited from Hongkong Dayan International Company Limited for CNY 40 million on December 19, 2023. After this transaction, the company shall directly hold 19.99% stake in Pneuride. Post completion of the acquisition, Hongkong Dayan International Company will own 55.01% in Pneuride.

The existing shareholders of Pneuride have waived their rights of first refusal. As of December 31, 2022, Pneuride had total assets of CNY 22,777.80, Net income of CNY 6,299.25, Operating revenue of CNY 53,201.42 and operating profit of CNY 8,064.73. The agreement has been approved by the company?s second directorate during its 38th meeting held on December 19, 2023.

The agreement does not require approval by the shareholders? meeting of the company.