Zhejiang Huayou Cobalt Co., Ltd (SHSE:603799) signed a share transfer agreement to acquire an additional 38.62% stake in Tianjin B&M Science and Technology Co.,Ltd. from Hangzhou Hongyuan Equity Investment Partnership (Limited Partnership) for CNY 1.4 billion on May 23, 2021. Within 3 working days after the agreement is effective, Zhejiang Huayou Cobalt Co. will make a one-time payment. As of December 31, 2020, Tianjin B&M Science and Technology Co. reported total assets of CNY 6 billion and net assets of CNY 1.9 billion. For the year ended December 31, 2020, Tianjin B&M Science and Technology Co. reported revenue of CNY 4.2 billion and net profit of CNY 189.3 million. The transaction is subject to Tianjin B&M Science and Technology Co., Ltd.’s shareholders’ approval, the State Administration for Market Regulation’s Business Concentration Anti-monopoly Review and the Korea Fair Trade Commission's Concentration Review. The transaction is subject to the shareholders’ approval of Zhejiang Huayou Cobalt. As of June 8, 2021, the transaction is subject to Zhejiang Huayou Cobalt shareholders approval. The transaction has been approved in the 15th Meeting of Zhejiang Huayou Cobalt Co's 5th Directorate held on May 23, 2021.