Shenzhen Prince New Materials Co., Ltd. (SZSE:002735) and Zhong Rong Guang (Shenzhen) Investment Co., Ltd. agreed to acquire 30% in Ningbo Xinrong Electric Appliance Technology Co., Ltd. from Ningbo Ningrong Investment Co., Ltd. and Ningbo Rongsan Enterprise Management Partnership Enterprise (Limited Partnership) for CNY 114.35 million on January 6, 2023. The transaction was approved by the 8th Meeting of the Shenzhen Prince New Materials Co., Ltd. 5th Directorate. For the year ended, November 30, 2022, Ningbo Xinrong Electric Appliance Technology Co., Ltd. total asset is CNY 316.93 million and net asset is CNY 217.68 million.