Chongqing Machinery & Electric Co., Ltd. agreed to acquire 60% stake in Dongguan Lithium Smart Energy Co., Ltd. from Gao Shaoheng, Xu Ting, Yang Guangliang, Huang Hai, and Zhang Huijin for CNY 324 million.

CHONGQING MACHINERY & ELECTRIC CO., LTD. is principally engaged in the manufacture and sales of vehicle parts and components, general machinery, machinery tools and power equipment. The Company operates its business through nine segments: Engines, Gear Boxes, Hydroelectric Generation Equipment, Electrical Wires and Cables, General Machinery, Financial Services, Machinery Tools, High-Voltage Transformers and Materials Sales. Through its subsidiaries, the Company is also engaged in the manufacture of transmission systems for vehicles and pumps.