Xiang Liang signed an agreement to acquire a 16% stake in Wuxi Honghui New Materials Technology Co., Ltd. from Xiang Hongwei for CNY 350 million on December 26, 2021. Xiang Liang will be buying 17,260,000 shares at CNY 20.42 per share. Xiang Liang will pay 20% of the transfer price. Within one year after the completion of the transfer, Xiang Liang will pay the remaining 80%.

Xiang Liang cancelled the acquisition of16% stake in Wuxi Honghui New Materials Technology Co., Ltd. from Xiang Hongwei on December 20, 2022