Zhongshan Tengyi Industrial Co., Ltd. won the bid to acquire a 85.75% stake in Guangdong Haiyuan Pipe Industry Co., Ltd. from XinJiang GuoTong Pipeline CO.,Ltd (SZSE:002205) for CNY 75.49 million on December 22, 2022. Zhongshan Tengyi Industrial Co., Ltd. signed an agreement to acquire a 85.75% stake in Guangdong Haiyuan Pipe Industry Co., Ltd. from XinJiang GuoTong Pipeline CO.,Ltd (SZSE:002205) on December 27, 2022. The transaction was approved by XinJiang GuoTong's 38th Extraordinary Meeting of the Sixth Board of Directors and the Third Extraordinary General Meeting of Shareholders.