China's Shuta (08623) announced that on July 7, 2023, the company's wholly-owned subsidiary Shuta Enterprise Management (Guangyuan) Co., Ltd. plans to acquire 30% of the shares of Ya'an Baosheng Metal Materials Co., Ltd. from Qing Chunlin at a total cost of RMB 4.2 million.
Prior to the acquisition, the target company was 70% owned by the group and was a subsidiary of the company, and its financial results were incorporated into the group's financial results. Sales equity refers to 30% of the issued share capital of the target company, so after completion, the target company will become an indirect wholly-owned subsidiary of the company.