Wei Yongming agreed to acquire 36% stake in Hangzhou Zhongmai Intelligent Equipment Co., Ltd. from Hangzhou Zhongya Machinery Co., Ltd. (SZSE:300512) on June 7, 2024. The buyer will pay an earnout/contingent payment of CNY 3.6 million cash. As part of consideration, CNY 3.6 million is paid towards common equity of Hangzhou Zhongmai Intelligent Equipment Co., Ltd. The transaction is subject to approval of merger agreement by target board.

The deal has been approved by the board.