Shanxi Oriental Material Handling Co., Ltd. (SZSE:300486) signed the share transfer agreement to acquire 42% stake in BeiYa Intelligent Technology (Suzhou) Co., Ltd from Lu Qifa for CNY 20.4 million on January 3, 2019. The transaction has been funded by Shanxi Oriental Material Handling own funds. Post-acquisition, Lu Qifa will hold 9.98% stake in BeiYa Intelligent Technology (Suzhou). BeiYa Intelligent Technology (Suzhou) Co., Ltd reported total assets of CNY 22.54 million and net assets of CNY 20.8 million as of September 30, 2018. The deal is approved by the Board of Directors of Shanxi Oriental Material Handling at its 6th directorate’s of 31st meeting held on January 3, 2019 and does not need approval from the Shanxi Oriental Material Handling’s shareholders.