Shaoxing Industrial Development Group Co., Ltd. agreed to acquire 56.1083% stake in TRR Electronics Co., Ltd. from Zhejiang Guyuelongshan Shaoxing Wine Co.,Ltd (SHSE:600059) and China Shaoxing Yellow Wine Group Corp. for CNY 6.3 million on September 26, 2022. Zhejiang Guyuelongshan Shaoxing Wine will sell 35.8386% stake in TRR Electronics for CNY 6.3 million and China Shaoxing Yellow Wine will sell 20.2697% stake in TRR Electronics for free.

As per the terms of agreement, Shaoxing Industrial Development will pay the deal value within five days after the completion of the transfer at China Securities Depository and Clearing Co., Ltd. Beijing Branch. TRR Electronics has reported total assets of CNY 46.26 million and net assets of CNY 18.61 million in December 31, 2021. The board of Zhejiang Guyuelongshan Shaoxing has approved the deal in 8th session of 9th directorate held on September 26, 2022.