Shenzhen Magic Design & Decoration Engineering Co., Ltd. (SZSE:002856) agreed to acquire a 51% stake in Guangdong Jinhongda Construction Engineering Co., Ltd. from Guangdong Luyu Engineering Investment Co., Ltd. for CNY 27.2 million on September 13, 2022. Transaction has been approved by Shenzhen Magic Design & Decoration Engineering's board of directors. For the period ended October 31, 2021, Guangdong Jinhongda Construction had total assets of CNY 7.7723 million, net assets of CNY -1.1264 million.