Shanghai Mechanical & Electrical Industry Co.,Ltd. (SHSE:600835) agreed to acquire 100% stake in Shanghai Prime Mingyu Machinery Technology Co., Ltd., from Shanghai Electric Group Co., Ltd. (SEHK:2727), Shanghai Electric Hongkong Co. Limited for approximately CNY 5.3 billion on May 13, 2024. Shanghai Prime Mingyu Machinery Technology Co., Ltd., reported Total assets worth CNY 11.26 billion and Total Common equity of CNY 4.34 billion, Revenue of CNY 9.5 billion, Net income of CNY 236.9 million as on December 31, 2023.

Transaction has already been approved by Shanghai Electric Group's board of director's. Transaction is subject to approval from Shanghai Mechanical & Electrical Industry's shareholders. Transaction has already been approved by Shanghai Mechanical & Electrical Industry's board of director's.