PAG Capital Limited agreed to acquire 70.92% of stake in Shandong Fengxiang Co., Ltd (SEHK:9977) from GMK Holdings Group Co.,Ltd, Shandong Fengxiang (Group) Co., Ltd. and Shandong Fengxiang Investment Co., Ltd. on CNY 1.4 billion on October 16, 2022. CMB International Capital Limited acted as financial advisor to PAG. Octal Capital Limited acted as a financial advisor to Shandong Fengxiang.