Jiangyin Xinlian Metal Products Co., Ltd. agreed to acquire 30% stake in Jiangsu Liancheng Precision Alloy Technology Co., Ltd. from Shandong Liancheng Precision Manufacturing Co., Ltd (SZSE:002921) for CNY 16.3 million on March 31, 2023. The board of directors of Shandong Liancheng Precision Manufacturing Co., Ltd approved the transaction. Jiangsu Liancheng Precision Alloy Technology Co., Ltd. recorded total assets of CNY 201.09 million, net assets of CNY 68.46 million, revenue of CNY 235.5 million, operating profit of CNY 25.39 million and net profit of 18.98 million for the year ended Decmber 31, 2022.

The transaction is expected to close on April 15, 2023.