Xiangtan Electric Manufacturing Co. Ltd. (SHSE:600416) agreed to acquire 29.98% stake in Hunan XEMC Power Co. Ltd from Hunan Xiangchuang Magnetic Energy Investment Partnership (Limited Partnership), XEMC Group Co., Ltd. and Hunan State-owned Enterprise Reform and Development Fund Enterprise (Limited Partnership) on April 15, 2022.

Xiangtan Electric Manufacturing's Board of Directors approved the transaction. As on April 28, 2022, proposal on the plan to acquire 29.98% equity of Hunan XEMC Power Co. Ltd and sign the equity transfer agreement has been approved by the shareholders of Xiangtan Electric.