Guangdong Marco Polo Ceramics Co., Ltd. signed equity transfer agreement to acquire Guangdong Dongwei New Materials Co., Ltd. from Guang Dong Sitong Group Co.,Ltd (SHSE:603838) for CNY 380 million on May 31, 2021. As per terms of transaction consideration will be in cash. Consideration will paid on two tranches, first of CNY 180 million will be paid after 10 days of signing of transfer agreement and second part of CNY 200 million will paid after 10 days of completion. As on December 31, 2020, Guangdong Dongwei New Materials Co., Ltd. reported total assets of CNY 583 million, Net assets of CNY 354 million, Operating income of CNY 21 million and Net profit of CNY -3.5 million. Transaction is approved by the Board of Guang Dong Sitong Group Co.,Ltd. As on June 16, 2021, the transaction was approved by Guang Dong Sitong Group Co.,Ltd shareholders.