Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd (SHSE:600063) intend to acquire Anhui Wanwei Bisheng Co., Ltd. from a group of investors on August 10, 2021. Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd agreed to acquire Anhui Wanwei Bisheng Co., Ltd. from a group of investors for CNY 1.1 billion on February 9, 2022. The consideration will be satisfied by the issue of 184.03 million shares of Anhui Wanwei Updated. Upon completion, Anhui Wanwei Bisheng will operate as a wholly owned subsidiary of Anhui Wanwei Updated. In a related transaction Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd. intends to raise matching funds by issuing shares to a specific target, Wanwei Group. The amount to be raised this time is expected to not exceed CNY 200 million, based on the issuance price of CNY 4.52 per share, that is, no more than 44,247,787 shares. As of July 6, 2022, consideration shares has been revised to 188.39 million. The revised consideration is CNY 1.49 billion. Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd intends to issue shares to Anhui Wanwei Group Co., Ltd. to raise supporting funds. For the year ended on June 30, 2021, Anhui Wanwei Bisheng reported total assets of CNY 340 million, net assets of CNY 180 million, operating income of CNY 120 million and net profit of CNY 4 million. The transaction is subject to the approval of shareholders' of Anhui Wanwei Updated, China Securities Regulatory Commission and board of directors of Anhui Wanwei Updated. As of February 9, 2022, the transaction have been approved at the sixth meeting of the eighth session of the board of directors of Anhui Wanwei Updated. As of March 7, 2022, the transaction has been approved by Wanwei Group, the controlling shareholder of Anhui Wanwei Bisheng Co., Ltd. As of July 21, 2022 China Securities Regulatory Commission approved the deal. Llinks Law Offices acted as legal, RSM China acted as accountant and Caitong Securities Co.,Ltd. acted as independent financial adviser of Anhui Wanwei Updated. As on March 15, 2022, Anhui Wanwei Updated High-Tech Material Industry's shareholders approved the transaction. As on June 29, 2022 China Securities Regulatory Commission approved the transaction .

Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd (SHSE:600063) completed the acquisition of Anhui Wanwei Bisheng Co., Ltd. from a group of investors on August 17, 2022.