Sumitomo Riko Company Limited (TSE:5191) agreed to acquire additional 20% stake in Donghai TIP Auto Parts (Shanghai) Co., Ltd. from Shanghai TIP Auto Parts Co., Ltd. for CNY 15.8 million on August 19, 2022. After the transaction, Sumitomo Riko Company Limited will hold 80% stake and Shanghai TIP Auto Parts Co., Ltd. will hold 20% stake in Donghai TIP Auto Parts (Shanghai) Co., Ltd. As of March 31, 2022, Donghai TIP Auto Parts (Shanghai) Co., Ltd. generated total assets of CNY 104 million. The transaction is approved by board of directors of Ningbo TIP Rubber Technology Co., Ltd.