Beijing Tianyishangjia New Material Corp., Ltd. (SHSE:688033) agreed to acquire 90% stake in Jiangsu Jingyiyang New Material Technology Co., Ltd from Li Zhang, Li Hedong, Li Baoquan and Su Feng for CNY 270 million on November 7, 2022. Under the terms, Li Zhang is selling 60% stake, Li Hedong is selling 20% stake, Li Baoquan is selling 5% stake and Su Feng is selling 5% stake. After the completion, Beijing Tianyishangjia New Material Corp., Ltd. will own 90% stake and Li Zhang will own 10% stake.

Beijing Tianyishangjia New Material Corp., Ltd. will use cash or self raised funds to fund the transaction.