Sun Wei agreed to acquire a 24% stake in Ri Ying Holdings Limited (SEHK:1741) from Elite Bright Developments Limited on March 1, 2023. Sun Wei will acquire 192 million shares of Ri Ying Holdings. Post acquisition, Elite Bright Developments will hold 51% stake in Ri Ying Holdings.

Transaction is expected to close on or before September 30, 2023.