Seashine New Materials plans to acquire 51% equity in Xinwei Communications for 235 million yuan, increasing its investment in the core components of satellite communications

On November 28th, Yangzhou Seashine New Materials Co., Ltd. (hereinafter referred to as "Seashine New Materials") announced that the company held the 22nd meeting of the third board of directors on November 27th, which unanimously approved the proposal on acquiring 51% equity of Shenzhen Xinwei Communication Technology Co., Ltd. The company agreed to sign an equity transfer agreement with Wu Wenping, Liu Chao, Wang Jie, Wu Miao, and Lu Linsheng to acquire 51% equity of Shenzhen Xinwei Communication Technology Co., Ltd. (hereinafter referred to as "Xinwei Communication") for a cash consideration of 235 million yuan. Upon completion of the transaction, Seashine New Materials will hold 51% equity of Xinwei Communication, and Xinwei Communication will be included in the company's consolidated financial statements. (Securities Daily)