Guangzhou Sanfu New Materials Technology Co.,Ltd (SHSE:688359) agreed to acquire 16.04% of stake in Guangzhou Mingyi Electronic Machinery Co., Ltd. from Ken Technology Co., Ltd. for CNY 1 on November 14, 2022. The transaction has been approved by Board of Guangzhou Sanfu New on January 5, 2023. In the second stage company will acquire 14% of stake. The Guangzhou Mingyi has a total assets of CNY 110.6 million and net assets of CNY 27.8 million As of September 30, 2022.

Guangzhou Sanfu New Materials Technology Co.,Ltd (SHSE:688359) completed the acquisition of 16.04% of stake in Guangzhou Mingyi Electronic Machinery Co., Ltd. from Ken Technology Co., Ltd. on February 10, 2023.