Xinfengming Group Co., Ltd. (SHSE:603225) signed the equity transfer agreement to acquire 35% stake in Guangxi Tongkun Petrochemical Co., Ltd. from Tongkun Holding Group Co., Ltd for CNY 112.93 million on March 27, 2023. Xinfengming Group Co., Ltd. (SHSE:603225) use its own cash of CNY 112.93 million. The transaction has been approved by Tongkun Group's board. For the year ended December 31, 2022, Guangxi Tongkun Petrochemical had CNY 293.93 million of total assets, CNY 293.52 million of net assets and CNY -7.24 million of Net prpfit.

Xinfengming Group Co., Ltd. (SHSE:603225) cancelled the acquisition of 35% stake in Guangxi Tongkun Petrochemical Co., Ltd. from Tongkun Holding Group Co., Ltd on November 28, 2023.