Shanghai Titan Scientific Co., Ltd. (SHSE:688133) agreed to acquire 30% stake in Shanghai Magal Scientific Instrument Co., Ltd. from Wu Gang and Ling Hui for CNY 12 million on March 19, 2024. As per the transaction, the transfer price of CNY 12 million will be paid in two installments, first installment of CNY 6 million will be paid within 5 working days after fulfillment of pre-requisites and second installment of CNY 6 million will be paid subject to adjustments based on the performance assessment of 2024 and 2025. The transaction will be financed from Shanghai Titan Scientific Co., Ltd. internal resources.

As of December 31, 2023, Shanghai Magal Scientific Instrument Co., Ltd. generated total assets of CNY 9.2 million, net assets of CNY 2.3 million, net profit of CNY 0.03 million and revenue of CNY 11.1 million. The transaction is approved by board of directors of Shanghai Titan Scientific Co., Ltd. and is subject to shareholders approval of Shanghai Titan Scientific Co., Ltd.