Beijing Zhaoyi Management Consulting Service Center (Limited Partnership) agreed to acquire an additional 51% stake in Tongguan Fuyuan Industry Co., Ltd. from Dagang Holding Group Co.,Ltd. (SZSE:300103) for CNY 13.5 million on December 27, 2021. Under the terms, Beijing Zhaoyi Management will pay CNY 0.52 million, within 30 days after the conditions are fulfilled, CNY 2 million each within 3 months and 6 months, CNY 4 million within 9 months and CNY 5 million within 12 months from the delivery date. Following completion, Beijing Zhaoyi Management will hold 60% stake in Tongguan Fuyuan.

As per update on July 1, 2022, Dagang Holding Group Co.,Ltd has received first installment of CNY 0.52 million for consideration of the transaction. As of September 30, 2021, Tongguan Fuyuan reported Total Assets of CNY 33. 7 million and Net Assets of CNY 14.9 million.

The transaction is approved in the 11th (Extraordinary) Meeting of the Dagang Holding's 5th Directorate, and is subject to the Shareholders' Approval of Dagang Holding and Tongguan Fuyuan.