Yueqi Electric (001387.SZ) plans to acquire a controlling stake in Shengbang Electric and extend its reach upstream in the industrial chain.

Financial APP News, Xueqi Electric (001387.SZ) announced that the company plans to acquire 65% equity of Hefei Shengbang Electric Appliance Co., Ltd. ("Shengbang Electric") for RMB 47.45 million, and subscribe for RMB 12.16667 million to increase the registered capital of the target company by RMB 41.6667 million. After the transaction is completed, the company will hold 70% equity of the target company and become the controlling shareholder of Shengbang Electric.