Zhejiang Xinhua Chemical Co.,Ltd (SHSE:603867) signed an equity transfer agreement to acquire the remaining 49% stake in Zhejiang New Gamma Chemical Co., Ltd. from Gamma Chemical Co., Ltd. for CNY 12 million on December 29, 2020. As per terms, CNY 6 million shall be paid at the time of agreement is signed and the balance CNY 6 million shall be paid in one lump sum within one week after the completion. Upon completion, Zhejiang New Gamma Chemical Co., Ltd. will become wholly-owned subsidiary of Zhejiang Xinhua Chemical Co.,Ltd. The transaction is approved by the board of directors of Zhejiang Xinhua Chemical Co.,Ltd at the seventh meeting of the fifth board of directorate. As at September 30, 2020, Zhejiang New Gamma Chemical Co., Ltd. reported total assets of CNY 223.25 billion, net assets of CNY 184 billion.