Zhejiang Bofay Electric Co.,Ltd. (SZSE:001255) signed an Equity Transfer Agreement to acquire an additional 20% stake in Zhuzhou Times Electrical Insulation Co., Ltd. for CNY 28.6 million on May 29, 2023. Post completion, Zhejiang Bofay Electric will hold 90% stake in Zhuzhou Times Electrical. As of March 31, 2023, Zhuzhou Times Electrical reported total assets of CNY 200.5 million and net assets of CNY 151.7 million.

The transaction is approved by the board of Zhejiang Bofay and does not need to be submitted to the shareholders.