Tianyang New Materials (Shanghai) Technology Co., Ltd. (SHSE:603330) agreed to acquire remaining 20.22% stake in Jiangsu Defarui New Material Technology Co., Ltd. from Guangxi Liuzhou Baobi Funeng Investment Fund Partnership Enterprise (L.P.) and Nanchang Huixing Equity Investment Partnership (Limited Partnership) for CNY 65.15 million on December 22, 2023. The transaction is approved by board of directors of Tianyang New Materials (Shanghai) Technology Co., Ltd. As of September 30, 2023, Jiangsu Defarui New Material Technology Co., Ltd. generated total assets of CNY 279.54 million and net assets of CNY 217.2 million.