Xiamen Zhongchuang Environmental Technology Co., Ltd (SZSE:300056) agreed to acquire a 12.8% stake in Suzhou Sunhui Nonferrous Metal Products Co., Ltd. from Shanghai Qunsheng Industrial Group Corporation Limited for CNY 36 million on March 30, 2022. The consideration will be settled within 10 days of completion. Xiamen Zhongchuang Environmental Technology Co., Ltd will hold 48.8% stake and Shanghai Qunsheng Industrial Group Corporation Limited will hold 32% stake after completion.

For the year ended December 31, 2022, Suzhou Sunhui Nonferrous Metal Products Co., Ltd. had total assets of approximately CNY 160 million, net assets of approximately CNY 2.5 million, revenues of approximately CNY 26.4 million and a net loss of approximately CNY 22.22 million. The transaction has been approved by the board of Xiamen Zhongchuang Environmental Technology Co., Ltd.