Zhongdao New Materials (Nantong) Co., Ltd. entered into an agreement to acquire Jiangsu Shidao Glass Co., Ltd. from Shandong Huapeng Glass Co.,Ltd. (SHSE:603021) for approximately CNY 52.3 million on November 11, 2022. The board of directors of Shandong Huapeng Glass Co. approved the transaction on September 29, 2022.

The buyer paid a deposit of CNY 15.7 million which will be offset from the transaction price. The transaction price payment and transfer is expected to take place within 5 days of signing the agreement.