Baosheng Science and Technology Innovation Co.,Ltd. (SHSE:600973) agreed to acquire Baosheng High Voltage Cable Co., Ltd from Baosheng Group Co., Ltd. for approximately CNY 490 million on October 12, 2020. The consideration shall be paid in cash within 30 working days from the agreement date. Baosheng Group Co., Ltd., the controlling shareholder of the Baosheng Science and Technology Innovation Co.,Ltd. currently holds 31.90% shares of Baosheng Science and Technology Innovation Co.,Ltd. The transaction was approved by the board of directors of Baosheng Science and Technology Innovation Co.,Ltd. at the seventeenth meeting of seventh board on October 12, 2020. As of March 15, 2021, Baosheng Science and Technology Innovation Co.,Ltd. (SHSE:600973) shareholders approved the deal.