Zhejiang Hangmin Co.,Ltd (SHSE:600987) entered into an Equity Transfer Agreement to acquire a 65% stake in Shenzhen Shangjinyuan Jewelry Industrial Co., Ltd. from Shenzhen Baitai Investment Holding Group Co., Ltd. for approximately CNY 340 million on December 28, 2023. Shenzhen Shangjinyuan Jewelry Industrial Co., Ltd. reported Total assets worth CNY 1.38 billion and Total Common equity of CNY 169.7 million on October 31, 2023. The transaction has been approved by Zhejiang Hangmin's board of directors.

The transaction is yet to be approved by Zhejiang Hangmin's shareholders. At the shareholders? meeting held on January 15, 2024, Zhejiang Hangmin's shareholders approved the acquisition of Shenzhen Shangjinyuan Jewelry Industrial.