PAGAC Heisenberg Holding II Limited agreed to acquire 68% stake in Handsome Chemical Development Limited from Yip's Chemical Holdings Limited (SEHK:408) for CNY 2.3 billion on July 15, 2022. the Purchaser had conditionally agreed to acquire, and the Vendor had conditionally agreed to sell, 4,080 issued shares of the Target. The Company intends, subject to the deliberation and final decision of the Board, to apply the Net Proceeds towards reserves for future investments, repayment of bank loans and meeting the general working capital needs of the Remaining Group.

PAGAC Heisenberg Holding II Limited completed the acquisition of 68% stake in Handsome Chemical Development Limited from Yip's Chemical Holdings Limited (SEHK:408) for CNY 2.3 billion in 2022.