Shanghai Mechanical & Electrical Industry Co.,Ltd. (SHSE:600835) agreed to acquire 4.4415% stake in Shanghai Prime Mingyu Machinery Technology Co., Ltd., from Shanghai Electric Group Hongkong Company Limited for CNY 240 million on May 13, 2024. The consideration consists of CNY 236.2 million in cash. As part of the consideration, CNY 236.2 million was paid towards common equity.

Shanghai Prime Mingyu Machinery Technology Co., Ltd., reported financials for the year 2023-24 as:- Total assets: CNY 11.27 billion ,Operating revenue: CNY 9.59 billion, Net Profit: CNY 274 million. The transaction has been approved by the Board of Directors of Shanghai Electric Group Company Limited. PricewaterhouseCoopers Zhong Tian LLP and Shanghai Shenwei Asset Valuation Co., Ltd. acted as Accountant to Shanghai Mechanical & Electrical Industry Co.,Ltd. in the the deal.