Anhui Jiangnan Chemical Industry Co.,Ltd. (SZSE:002226) agreed to acquire 70% stake in Chaoyang Hongshan Chemical Co., Ltd. from Liaoning Hongshan Chemical Co., Ltd. for CNY 200 million on December 27, 2023. The consideration consists of CNY 200.1 million in cash. As part of the consideration, CNY 200.1 million was paid towards common equity.

The transaction was approved by the Board of Directors of Anhui Jiangnan Chemical Industry. Chaoyang Hongshan reported total assets of CNY 107.2 million and net assets of CNY 65.1 million as on July 31, 2023.