Snowky plans to acquire controlling stake in Shengbang Electric to extend upstream in the industrial chain
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Snowky plans to acquire 65% equity of Shengbang Electric for 47.45 million yuan and subscribe to 12.16667 million yuan of newly registered capital. After the transaction, it will hold 70% equity and become the controlling shareholder. Shengbang Electric mainly engages in the research and development, production, and sales of household appliance parts and molds. This transaction aims to promote Snowky's extension upstream in the industrial chain, reduce procurement costs, and improve profitability
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