Dangyang State-owned Capital Operation and Investment Holding Group Co., Ltd. agreed to acquire Shenzhen Hengbo Commercial Chain Co., Ltd. from Hubei Sanxia New Building Materials Co., Ltd. (SHSE:600293) for CNY 30 million on December 7, 2021. Shenzhen Hengbo reported total assets as CNY 2.1 billion, net assets as CNY -36.1 million, operating income as CNY 58.5 million and net profit as CNY -97.1 million on June 30, 2021. The deal is subject to approval from Hubei Sanxia New Building Materials Co., Ltd. board and shareholders.

As of December 7, 2021 Hubei Sanxia New Building Materials Co., Ltd. (SHSE:600293) board approved the deal. As of December 24, 2021, the transaction has been approved by the shareholders of Hubei Sanxia New Building Materials.