Zhejiang JIULI Hi-tech Metals Co.,Ltd (SZSE:002318) agreed to acquire 29.93% stake in Huzhou Huate Stainless Steel Tubes Manufacturing.,LTD from Feng Yongsen for CNY24 million on may 23, 2023. Within 10 working days after the completion of the transfer, the Company will pay 70% of the transfer price. Before January 15, 2024, Zhejiang JIULI Hi-tech Metals Co.,Ltd will pay 30% of the transfer price.

The transaction is subject to Zhejiang JIULI Hi-tech Metals Co.,Ltd (SZSE:002318) board approval. As of May 23, 2023 Zhejiang JIULI Hi-tech Metals Co.,Ltd (SZSE:002318) board approved the deal.