Yihua Holding Group Co., Ltd. agreed to acquire a 95% stake in Hu'nan Yihua Transportation Equipment Co., Ltd. from Wenzhou Yihua Connector Co., Ltd. (SZSE:002897) for CNY 11.62 million on March 21, 2022. The consideration shall be settled at once within 10 days of completion. As on September 30, 2022, Hu'nan Yihua Transportation Equipment had total assets of approximately CNY 350 million and a negative net worth of approximately CNY 13.31 million. The deal has been approved by the board of Wenzhou Yihua Connector. As of June 2, 2022, the 2nd extraordinary general meeting of Wenzhou Yihua's shareholders held in 2022 reviewed and approved the transaction.

Yihua Holding Group Co., Ltd. completed the acquisition of a 95% stake in Hu'nan Yihua Transportation Equipment Co., Ltd. from Wenzhou Yihua Connector Co., Ltd. (SZSE:002897) on June 2, 2022. Following completion, Wenzhou Yihua Connector holds no interest in Hu'nan Yihua Transportation Equipment.