Yichang Chengfa Holding Group Co., Ltd signed a letter of intent to acquire 51% stake in Aerospace Electronics Group Co., Ltd. from China Aerospace Times Electronics CO., LTD. (SHSE:600879) for approximately CNY 740 million on June 18, 2024. A cash consideration of CNY 744.4 million will be paid by Yichang Chengfa Holding Group Co., Ltd. As part of consideration, CNY 744.4 million is paid towards common equity of Aerospace Electronics Group Co., Ltd. The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.