Ningbo Tonggao Equity Investment Partnership (Limited Partnership) and Ningbo Yongning Infrastructure Investment Partnership (Limited Partnership) signed the equity transfer agreement to acquire 10% stake in Anhui Joyson Automotive Safety System Holdings Co., Ltd. from Ningbo Joyson Electronic Corp. (SHSE:600699) for CNY 1.5 billion on March 4, 2024. Ningbo Tonggao Equity Investment Partnership will buy 6.7797% and Ningbo Yongning Infrastructure Investment Partnership will buy 3.2203%.

After the completion of this transaction, Anhui Joyson Automotive Safety System Holdings Co., Ltd will remain a holding subsidiary of Ningbo Joyson Electronic. Anhui Joyson Automotive Safety System reported total assets of CNY 14.8 billion, net assets of CNY 14.8 billion and net profit of CNY 3.4 million for year ended September 30, 2023. The transaction has been approved by directors of Ningbo Joyson Electronic Corp.