Chenming Electronic Technology Corporation (TSEC:3013) agree to acquire an additional unknown minority stake in Chenming Electronic (Ningbo) Co., Ltd from Chenming (H.K.) Corporation Ltd for $2.1 million (CNY 14.2 million) on August 5, 2020. As on March 17, 2021, the consideration for the acquisition is $1.7 million (CNY 11.1 million). Post completion, Chenming Electronic Technology will hold 82% stake in Chenming Electronic (Ningbo). Transaction will be funded by own funds. As of December 31, 2019, Chenming Electronic (Ningbo) reported total equity of approximately CNY 240 million and net profit of CNY 29.2 million. Board of directors passed resolution and same has been approved by audit committee on August 5, 2020. Transaction is also approved by the investment commission of China. The transaction is resolved by the board of directors of Chenming Electronic Technology Corporation and same has been approved by audit committee on March 17, 2021. The transaction is expected to complete by March 31, 2021. Transaction is expected to have a positive effect on net assets value of each share and earning per share.