Jinxitai Co., Ltd. agreed to acquire a 14.392587% stake in Zhejiang Three Stars New Materials Co., Ltd. (SHSE:603578) from Yang Min and Yang Ayong for approximately CNY 540 million on March 22, 2023. Under the terms, Jinxitai Co. will acquire 25.52 million shares at a price of CNY 21 per share in cash.

Yang Min plan to transfer 14,018,004 shares and Yang Ayong plan to transfer 11,507,496 shaers. Jinxitai Co., Ltd. shall pay 30% of the transfer price of the target shares within 10 working days after the announcement of the change CNY 160.81 million. Jinxitai shall pay to the transferor 20% of the transfer price of the as CNY 107.20 million.

As of March 2023, shareholders of Jinxtai approved the transaction. Beijing Bestar Securities Investment Consulting Co., Ltd. acted as financial advisor for Zhejiang Three Stars New Materials Co., Ltd. Anti-Monopoly Review comittee has approved the transaction.