Guangzhou Industrial Investment Holding Group Co. Ltd entered into an framework agreement to acquire 20% stake in Jiangsu Rainbow Heavy Industries Co., Ltd. (SZSE:002483) from Nantong VAN Industries Co., Ltd. for CNY 1.3 billion on June 18, 2021. Under the terms, Guangzhou Industrial Investment Holding Group will acquire 188.5 million shares at CNY 6.69 per share each. After the transaction, GUANGZHOU MUNICIPAL GOVERNMENT will become Jiangsu Rainbow Heavy Industries Co., Ltd. actual controller. The transaction is subject to due diligence, approval by State-owned Assets Supervision and Administration Commission of Guangzhou and State Administration for Market Regulation's review for concentration of undertakings. As of October 9, 2021, Board of Directors of Guangzhou Industrial Investment. As of October 26, 2021, shareholders of Nantong VAN approved the transaction.

Guangzhou Industrial Investment Holding Group Co. Ltd completed the acquisition of 20% stake in Jiangsu Rainbow Heavy Industries Co., Ltd. (SZSE:002483) from Nantong VAN Industries Co., Ltd. on March 16, 2022.