Weifang City Construction And Development Investment Group Co.,ltd. intends to acquire a 19.44% stake in Shandong Daye New Materials Co., Ltd. from Shandong Daye Co., Ltd. (SHSE:603278) for approximately CNY 350 million on April 15, 2022. Weifang City Construction shall pay CNY 350 million within 3 working days from the date when the signing of this agreement takes effect and all the prerequisites are satisfied, to the designated collection account of Shandong Daye Co., Ltd. As of March 31, 2022, Shandong Daye New Materials reported Total assets of CNY 25.1 million and Net assets of CNY 22.1 million. The transaction is approved at the 15th meeting of the 4th Board of Directors of Shandong Daye Co., Ltd. and does not need to be submitted to general meeting of shareholders for deliberation.