Shenzhen WOTE Advanced Materials Co., Ltd (SZSE:002886) agreed to acquire 51% of Shanghai Valqua Fluorocarbon Products Co., Ltd. from Valqua, Ltd. (TSE:7995) for ¥1.4 billion on June 29, 2022. The transaction is expected to be completed in July - September 2022. Financial status of the Shanghai Valqua Fluorocarbon Products Co., Ltd for December 31, 2021 are net assets ¥I935 million, Total assets ¥2.9 billion, Sales ¥3 billion, Operating income ¥223 million and Net profit is ¥168 million.

The transaction is subject to Shenzhen WOTE Advanced Materials Co., Ltd board. As of June 29, 2022 Shenzhen WOTE Advanced Materials Co., Ltd board approved the deal.