SanFeng Intelligent Equipment Group Co., Ltd. (SZSE : 300276) signed share purchase agreement to acquire remaining 40% stake in Hubei Sanfeng Intelligent Equipment Industry Technology Research Institute Co., Ltd. from Chen Xuemei for CNY 5 million on June 13, 2023. Following this transaction, SanFeng Intelligent Equipment Group will hold 100% stake in Hubei Sanfeng Intelligent Equipment Industry. Hubei Sanfeng Intelligent Equipment Industry had total assets of CNY 12.20 million, net assets of CNY 11.95 million, operating revenue of CNY 0.38 million, operating profit of CNY -0.24 million and net profit of CNY -0.75 million, as of December 31, 2022.

The transaction does not need the approvals of SanFeng Intelligent Equipment Group’s directorate and shareholders.