Shanghai Supezet Engineering Technology Corp., Ltd. (SHSE:688121) agreed to acquire Innovare KTI-Fired Heaters Co., Ltd from Zhang Xinyu for approximately CNY 110 million on June 4, 2024. After the transaction, KTI-Fired will become the Shanghai Supezet?s wholly-owned subsidiary. Shanghai Supezet plans to use its own funds for the acquisition.

KTI-Fired reported total assets of CNY 179.5 million, net assets of CNY 18.4 million, operating revenue of CNY 103.5 million and net profit of CNY 8.7 million on December 31, 2023. This transaction had already been approved in the 4th meeting of the special independent directors meeting of 3rd board of directors and in the 11th meeting of the 3rd board of supervisors. As of June 25, 2024, the shareholders of Shanghai Supezet Engineering Technology approved the transaction.