Anshan Heavy Duty Mining Machinery Co., Ltd. (SZSE:002667) agreed to acquire a 6.1% stake in Jiangxi Linghui Technology Co., Ltd. from Xiong Sheng for approximately CNY 150 million on March 12, 2023. Under the terms, Anshan Heavy Duty Mining will issue 5.888429 shares and CNY 51 million in cash. Approvals have been obtained from Jiangxi Linghui Technology Co., Ltd.?s shareholders and Anshan Heavy Duty Mining Machinery's directors. Anshan Heavy Duty Mining Machinery Co., Ltd. (SZSE:002667) shareholders approve the deal. For the period December 31, 2022, Jiangxi Linghui Technology had CNY 73.7458 million of net assets, CNY 373.7129 million of total assets, CNY 395.0437 million of Revenues, CNY 216.9796 million of Operating Profit and CNY 216.8179 million of Net Profit. Transaction is subject to approval from Jiangxi Linghui's shareholders, Shenzhen Stock Exchange, CSRC?s and other necessary approvals. As of November 8, 2023, the China Securities Regulatory Commission approved the Registration of Willing New Energy Co., Ltd. to Issue shares for the transaction.

Shengang Securities Co., Ltd. acted as financial advisor, Shi Lianshi, Gao Xin of Beijing Allied Law Office acted as legal advisor and Moore Stephens Da Hua Certified Public Accountants acted as an accountant.