Liaoning Xinde New Material Technology Co., Ltd. (SZSE:301349) agreed to acquire 49% stake in Chengdu Yutai New Material Technology Co., Ltd. from Zhao Lei, Chen Hong and Wang Zhong for approximately CNY 130 million on April 3, 2023. Zhao Lei will transfer 32% stake, Chen Hong will transfer 14% stake and Wang Zhong will transfer 3% stake. Transaction has been approved by Liaoning Xinde New's board.

Liaoning Xinde New Material intends to use over-raised funds for the acquisition. For the period December 31, 2022, Chengdu Yutai New Material had CNY 284.3847 million of total assets, CNY 160.9223 million of operating income and CNY -0.21859 million of net profit.