Zhejiang Tengen Electrics Co.,Ltd. (SHSE:605066) signed an agreement to acquire additional 10% stake in Suzhou homycloud Intelligent Technology Co., Ltd. from Huzhou Hancheng Equity Investment Partnership Enterprise (Limited Partnership), Zhao Fei, Xu Li, Shan Binghui, Wang Bin, Luo Lili, Hu Caiping and Yan Ruibin for CNY 14.8 million on June 29, 2023. As per agreement, Zhao Fei will sell 6.8% stake for CNY 10.08 million, Xu Li will sell 1.4% stake for CNY 2.05 million, Shan Binghui will sell 0.4% stake for CNY 0.6 million, Wang Bin will sell 0.4% stake for CNY 0.6 million, Huzhou Hancheng Equity Investment Partnership Enterprise (Limited Partnership) will sell 0.3% stake for CNY 0.5 million, Luo Lili will sell 0.3% stake for CNY 0.42 million, Hu Caiping will sell 0.2% stake for CNY 0.24 million and Yan Ruibin will sell 0.2% stake for CNY 0.24 million in Suzhou homycloud Intelligent Technology. Zhejiang Tengen Electrics shall pay equity transfer funds in full to each seller within five working days from the date of completion of industrial and commercial change registration for this transaction.

Suzhou homycloud Intelligent Technology has reported total assets of CNY 80.683 million, net assets of CNY 38.5603 million, operating income of CNY 77.5165 million and net income of CNY 10.5365 million on December 31, 2022. The board of Zhejiang Tengen Electrics has reviewed and approved the deal at third meeting of the ninth board of directors held on June 29, 2023.