Dalian Thermal Power Co.,Ltd. (SHSE:600719) intends to acquire Kanghui New Material Technology Co., Ltd. from Hengli Petrochemical Co.,Ltd. (SHSE:600346) and Jiangsu Hengli Chemical Fiber Co., Ltd. for CNY 11.1 billion on June 20, 2023. The board of Dalian Thermal Power approved the transaction on July 4, 2023. As of July 4, 2023, the transaction still needs the approval of Dalian Thermal Power Co.,Ltd board, shareholders, Shanghai Stock Exchange and regulatory body.

As of October 13, 2023, Dalian Thermal Power Co.,Ltd. shareholders approved the transaction. The deal has been approved by shareholders and board of directors of Hengli Petrochemical Co.,Ltd. As of April 9, 2024, The consideration of CNY 10.1 billion will be paid, i.e., issuance of 2.3 billion shares, per share price of CNY 4.42. Guan Tao, Lai Jipeng of Grant Thornton China acted as Accountant and Zhang De Ren, Sun Chunyan of Tianyuan Law Firm acted as legal advisor to Dalian Thermal Power Co.,Ltd, China Dragon Securities Co., Ltd acted as financial advisor and Liaoning Hengxin Law Office acted as legal advisor to Hengli Petrochemical Co.,Ltd Zhonghui Certified Public Accountants LLP acted as Accountant to Hengli Petrochemical Co.,Ltd.