Huilong (Xiamen) Petrochemical Co., Ltd. agreed to acquire remaining 51% stake in Zhejiang Haotai Chemical Co., Ltd. from Yongtaiyun Chemical Logistics Co.,Ltd (SZSE:001228) for CNY 10.4 million on June 28, 2024. A cash consideration of CNY 10.41 million will be paid by Huilong (Xiamen) Petrochemical Co., Ltd. . As part of consideration, CNY 10.41 million is paid towards common equity of Zhejiang Haotai Chemical Co., Ltd. Upon completion, Huilong (Xiamen) Petrochemical Co., Ltd. will own 100% stake in Zhejiang Haotai Chemical Co., Ltd. As of May 31, 2024, Zhejiang Haotai Chemical Co., Ltd. reported total assets of CNY 22.43 million and total common equity of CNY 23.17 million.

The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.