Kangxin New Materials Co., Ltd (SHSE:600076) proposed to acquire a 51% stake in Wuxi Qingshan Green Building Co., Ltd. from Wuxi Shanshui Green Building Technology Co., Ltd. for CNY 55 million on February 15, 2023. The consideration comprises of not more than CNY 55 million and will be paid in cash. Following this transaction, Kangxin New Materials will own a 51% stake and Wuxi Shanshui Green will own 49% stake in Wuxi Qingshan Green.

As of August 31, 2022, Wuxi Qingshan Green had total owner's equity of CNY 102.07 million. The transaction has been approved by the Board of Directors and Supervisors of Kangxin New Materials unanimously. The transaction still needs to be approved by shareholders of Kangxin New Materials, Wuxi Municipal State-owned Assets Supervision and Administration Commission and the relevant evaluation and filing procedures.