Zaihua New Materials Technology (Suzhou) Co., Ltd agreed to acquire 10% Wuxi Honghui New Materials Technology Co., Ltd. (SZSE:002802) from Xiang Hongwei for CNY 220.3 million on December 26, 2021. The consideration will be paid within 10 working days after obtaining the confirmation letter from the stock exchange, Zaihua New Materials Technology (Suzhou) Co., Ltd. will pay 20% of the transfer price and Within 10 working days after the completion of the transfer, Zaihua New Materials Technology (Suzhou) Co., Ltd. will pay the remaining 80%.

Zaihua New Materials Technology (Suzhou) Co., Ltd cancelled the acquisition of 10% Wuxi Honghui New Materials Technology Co., Ltd. (SZSE:002802) from Xiang Hongwei on December 20, 2022. Controlling shareholders rejected the sale.