Beijing AviChina Phase I Aviation Industrial Investment Fund entered into an agreement to acquire 33% stake in AVIC ATM System & Equipment Corporation Limited from AviChina Industry & Technology Company Limited (SEHK:2357) for CNY 75.2 million on February 10, 2023. In related transaction, Beijing AviChina Phrase I Aviation Industrial Investment to acquire 19.19% equity interests in AVIC Jincheng UAS, 35.26% equity interests in Nanjing Servo Control, 18.44% equity interests in AVIC Laser, 23.4481% equity interests in AVIC GYRO, 10.00% equity interests in AVIC Nanjing Technology and 9.44% of the total share capital of AVIC New Materials. The board of directors of AviChina Industry & Technology Company Limited approved the transaction at the extraordinary general meeting.

AVIC ATM System & Equipment Corporation Limited recorded Loss after taxation of CNY 78.29 million for the year ended December 31, 2022.