Nantong Acetic Acid Chemical Co., Ltd. (SHSE:603968) and Changxing Tianshun Investment Management Partnership Enterprise affiliated party signed framework agreement to acquire 73.53% stake in Jiangsu Baoling Chemical Co., Ltd. from Zhu Feng, Gu Shuji, Hu Weiping, Yu Jianping, Liu Xihan and Zhu Yixin on March 18, 2023. Nantong Acetic Acid will acquire 22.25 million shares. Zhu Feng will sell 19.15% stake, Gu Shuji will sell 16.84% stake, Hu Weiping will sell 11.37% stake, Yu Jianping will sell 11.37% stake, Liu Xihan will sell 7.40% stake and Zhu Yixin will sell 7.40% stake in Jiangsu Baoling Chemical. Jiangsu Baoling Chemical has reported total assets of CNY 405.914384 million, net assets of CNY 172.712424 million, revenue of CNY 238.0199 million and net profit of CNY 19.351208 million on September 30, 2022. The board of Nantong Acetic Acid Chemical has approved the deal in 4th session of Jiangsu Baoling Chemical's 8th directorate. On May 20, 2023, the 7th session of the company's 8th directorate approved the external investment to acquire equity. As of June 8, 2023, shareholders of Nantong Acetic Acid Chemical Co., Ltd. approved the transaction.