Maoming Petro-Chemical Shihua Co., Ltd (SZSE:000637) agreed to acquire 69% stake in Beijing Xinwoda Marine Technology Co., Ltd. from Beijing Xinyu Investment Center (Liimited Partnership) for CNY 420 million on January 24, 2022. As on January 25, 2022, Maoming Petro-Chemical Shihua Co., Ltd (SZSE:000637) signed a share transfer agreement to acquire 69% stake in Beijing Xinwoda Marine Technology Co., Ltd. from Beijing Xinyu Investment Center (Liimited Partnership). Post-completion, Beijing Xinwoda Marine Technology Co., Ltd. will become a subsidiary of Maoming Petro-Chemical Shihua Co., Ltd. The Board of Directors of Maoming Petro-Chemical Shihua Co., Ltd has approved the deal on January 24, 2022.

A Supplementary Agreement was signed for the deal on February 17, 2022, which partially revised and improved the relevant provisions of the agreement. As on March 11, 2022, the general meeting of shareholders of Maoming Petro-Chemical Shihua Co., Ltd has reviewed and approved the deal. As on March 15, 2022, the first equity transfer price of CNY 300 million was paid and the second equity transfer price of CNY 120 million was paid on March 19, 2022.