Zhejiang Tengy Environmental Technology Co., Ltd (SEHK:1527) entered into an agreement to acquire additional 5% stake in Zhejiang Tianjie Magnetic Materials Co., Ltd. from HY Energy Group Co.,Ltd (SHSE:600387) for CNY 6.4 million on March 30, 2023. The Consideration will be financed by the internal resources of the Company. Zhejiang Tianjie Magnetic Materials recorded Profit (Loss) after taxation of CNY 53 million and net assets of CNY 194.3 million for the year ended December 31, 2022.

The transaction is expected to be completed by May 31, 2023