Hangzhou Advance Gearbox Group Co., Ltd. (SHSE:601177) agreed to acquire additional 12.5% of stake in Hangzhou Advance General Machinery Co.,Ltd from a group of sellers for CNY 3.6 million on October 27, 2022. In this transaction, Qi Jiangqiang will sell 0.5% stake, Cai Zongshun will sell 2% stake, Qiu Chao will sell 1% stake, Zhou Gang will sell 1% stake, Gao Yongwei will sell 1% stake, Tang Guotai will sell 1% stake, Zhang Shuguang will sell 1% stake, Lin Hong will sell 0.5% stake, Huang Shunliang will sell 1% stake, Zhao Fenbao will sell 0.5% stake, Fu Peihong will sell 1% stake, Su Caixing will sell 1% stake and An Yong 1% stake in Hangzhou Advance General. Hangzhou Advance General has a total assets of CNY 53.3 million and net assets of CNY 27.8 million as of May 31, 2022.

The Board of Hangzhou Advance Gearbox approved the deal. The transaction still needs to be approved by the State-owned Assets Supervision and Administration Agency. As of November 7, 2022, Hangzhou Advance Gearbox has signed the Equity Transfer Agreement to acquire 12.5% of stake in Hangzhou Advance General Machinery.

The transaction has been approved by Hangzhou City The State-owned Assets Supervision and Administration Office of the People's Government of Xiaoshan District.