Jiangsu Daybright Intelligent Electric Co.,LTD. (SZSE:300670) agreed to acquire a 10% stake in Jiangsu Gulf Electrical Technology Co., Ltd. from Ningbo Meishan Bonded Port Area Baozhou Equity Investment Partnership Enterprise (LP) for approximately CNY 130 million on May 11, 2021. As at March 31, 2021, Jiangsu Gulf Electrical Technology had total assets worth CNY 1.3 billion and net assets worth CNY 293.8 million. For year ended December 31, 2020, it had revenues of CNY 332 million, operating profit of CNY 92 million and net profit of CNY 85 million. This transaction has been approved in the 5th Meeting of Jiangsu Daybright Intelligent Electric's 3rd Directorate held on May 11, 2021, and does not need the Shareholders’ Approval. Jiangsu Daybright Intelligent Electric Co.,LTD. (SZSE:300670) completed the acquisition of a 10% stake in Jiangsu Gulf Electrical Technology Co., Ltd. from Ningbo Meishan Bonded Port Area Baozhou Equity Investment Partnership Enterprise (LP) on June 22, 2021. Jiangsu Daybright Intelligent Electric Co.,LTD. has paid the partial equity transfer payment for the acquisition. As of July 21, 2021, Ningbo Meishan Bonded Port Area Jialichuang Enterprise Management Partnership Enterprise (LP) received the entire equity transfer payment for the 10% stake.