Wuxi Guosheng Asset Management Co., Ltd. signed a share transfer agreement to acquire 12.26% stake in Wuxi New Hongtai Electrical Technology Co.,Ltd (SHSE:603016) from Zhao Hanxin, Zhao Minhai, Shen Hua, Du Jianping and Gao Yanmin for approximately CNY 420 million on December 9, 2020. As per terms of transaction, Wuxi Guosheng Asset Management Co., Ltd. will acquire 10.8 million shares (7.30% ) from Zhao Hanxin, 3.7 million shares (2.53%) from Zhao Minhai, 1.6 million shares (1.11%) from Shen Hua, 0.075 million shares (0.05%) from Du Jianping and 1.8 million shares (1.27%) from Gao Yanmin. The transfer price is CNY 23.01 for each share. Post-completion, Zhao Hanxin, Zhao Minhai, and Shen Hua together will hold 48.7 million common shares representing 32.84% stake whereas Gao Yanmin will hold 5.63 million common shares representing 3.80% stake in the Wuxi New Hongtai Electrical Technology Co.,Ltd. Completion is subject to regulatory approval.