Tangel Culture Co., Ltd. (SZSE:300148) agreed to acquire additional 34% stake in Jiaxing Zhenzhen Laolao Food Co., Ltd. from Hunan Zhongkejiao Book Software Co., Ltd. and Hainan Nanyang Oriental Education Technology Co., Ltd. for CNY 37.4 million on March 6, 2023. Hunan Zhongkejiao Book will sell 15% stake and Hainan Nanyang Oriental Education will sell 19% stake. Currently, Tangel Culture holds 51% stake and post completion will hold 85% stake in Jiaxing Zhenzhen.

Transaction is approved by Tangel Culture's board. For the period ended October 31, 2022, Jiaxing Zhenzhen had CNY 73.94 million of total assets and CNY 23.91 of net assets.