Jiangsu Fengdong Thermal Technology Co.,Ltd. (SZSE:002530) signed share transfer agreement to acquire 85% stake in Shanghai Powermax Furnaces Corp. from MillionPlus International Limited, Global Team Asia Limited and others for CNY 27.9 million on January 20, 2017. After the completion of the transaction, Global Team will hold 15% stake and Jiangsu Fengdong Thermal Technology Co.,Ltd. will hold 85% stake. The transaction was approved by Board of Jiangsu Fengdong Thermal Technology Co.,Ltd. on January 20, 2017 and does not need the approvals of the directorate and shareholders.