Zhejiang Zhongjing Technology Co., Ltd. agreed to acquire Ningxia Longi Semiconductor Materials Co., Ltd. from Xi'an LONGI Silicon Materials Corp. for CNY 50 million.

Zhejiang Zhongjing Technology Co., Ltd. agreed to acquire Ningxia Longi Semiconductor Materials Co., Ltd. from Xi'an LONGI Silicon Materials Corp. (SHSE:601012) for CNY 50 million in cash and stock on November 13, 2015. In a related transaction, Zhejiang Zhongjing Technology also agreed to acquire 79.35% stake in Xi'an Longi Jingyi Semiconductor Materials Co., Ltd. Zhejiang Zhongjing will acquire Ningxia Longi's 100% stake for CNY 50 million by issuing 12 million shares at CNY 1.365 per share and paying the remaining amount in cash.

The Board of Directors of Xi'an LONGI Silicon Materials approved the transaction.