Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd. agreed to acquire 24.55% stake in Loncin Motor Co., Ltd. (SHSE:603766) from Loncin Holdings Co., Ltd. for CNY 3.3 billion on July 1, 2024. As part of another transaction, Chongqing Yufu Capital will also acquire 15.52% stake in Loncin Motor. After the completion of both these transactions, Zongshen New Intelligent Manufacturing will become the largest shareholder of Loncin Motor and Yufu Capital will become the second largest shareholder.