Xinxing Jihua Assets Management Co., Ltd. agreed to acquire Shaanxi Jihuayuan Development and Construction Co., Ltd. from Jihua Group Corporation Limited (SHSE:601718) and Jihua 3513 Industry Co.,Ltd. for CNY 819.9258 million on December 31, 2022. The transaction was approved by Jihua Group Corporation Limited 17th meeting of the fifth session of the board of directors and the ninth session of the fifth session of the board of supervisors. This transaction still needs to be submitted to the Jihua Group Corporation Limited shareholders' meeting for review and approval.

For the year ended, November 30, 2022, Shaanxi Jihuayuan Development and Construction Co., Ltd. total asset is CNY 747 million and net asset is CNY -5.96 million. As of January 16, 2023, the shareholders of Jihua Group approved the transaction at the extraordinary general meeting.