Qiming Information Technology Co.,Ltd (SZSE:002232) Intends to acquire remaining 49% stake in Changchun Qiming Lingdian Automotive Electronics Co., Ltd. from Mitsubishi Electric Corporation (TSE:6503), Yuetian Electronics Co., Ltd. and Mitsubishi Electric (China) Co., Ltd. for CNY 73.7 million on June 28, 2020. The consideration will be paid in two installments. Transaction will be financed with own fund.

In 2019, Changchun Qiming generated revenue of CNY 10.5 million, Operating income of CNY 290 million and net profit of CNY 7.9 million. As of December 31, 2019, Changchun Qiming had total assets of CNY 262 million and total owner's eqity of CNY 202 million. As of June 28, 2020, Board of Directors of Qiming Information approved the transaction.