Suzhou Huaya Intelligence Technology Co., Ltd. (SZSE:003043) agreed to acquire 51% stake in Suzhou Guanhong Intelligent Equipment Co, Ltd. from Kuai Haibo, Xu Jun, Xu Fei and Liu Shiyan for CNY 400 million in July 2023. Suzhou Huaya Intelligence Technology board and shareholders approved the deal. Consideration will be paid in cash of CNY 121.788 million and by shares by issuing 6,480,544 shares.

The transaction is subject to Approval by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission. As of June 30, 2023, Suzhou Guanhong Intelligent Equipment Co, Ltd reported total assets of approximately CNY 790 million, and total common equity of CNY 51.4 million. Zhou Xiang, Pan Zhesheng, Wang Maohua, Zhu Guangchao, Ling Li and Wu Chao of Soochow Securities Co., Ltd. (SHSE:601555) acted as financial advisor, Pang Jing, Dou Fangxu, and Zhan Yixiang of AllBright Law Offices acted as legal advisor, and Jin Wei and Wang Fuli of Talent Certified Public Accountants LLP acted as accountant to Suzhou Huaya Intelligence Technology Co., Ltd.