Guangzhou KDT Machinery Co.,Ltd. (SZSE:002833) signed an equity transfer agreement to acquire 12% stake in Guangzhou ZS-robot Intelligent Equipment Co., Ltd. from Guangdong Qiaofeng Industrial Co., Ltd., for CNY 30.7 million on July 6, 2020. Under the terms of the transaction, Guangzhou KDT will pay a deposit of CNY 5 million within 5 working days after the signing of the agreement and the remaining CNY 25.68 million will be paid within 5 days after the transfer is completed. Prior to the transaction, Guangdong Qiaofeng Industrial Co., Ltd holds 40.15% stake in Guangzhou ZS-robot while Liu Changsheng holds 29.18%, Chen Deqiang holds 15.6%, Estun Automation Co., Ltd. holds 15% and Qi Yuhua holds 0.0048%. The transaction will be financed from Guangzhou KDT’s own funds. Guangzhou ZS-robot reported total assets of CNY 0.03 million, net assets of CNY 0.01 million, revenues of CNY 0.03 million, operating profit of CNY 0.002 million and net profit of 0.003 million in the year ending on December 31, 2020. The acquisition was approved by the Board of Directors of Guangzhou KDT Machinery.