Zhejiang SUPCON Xizi Technology Co., Ltd. agreed to acquire Zhejiang SUPCON System Engineering Co., Ltd. from SUPCON Technology Co., Ltd. (SHSE:688777) for CNY 52.2 million on June 12, 2024. A cash consideration of CNY 52,161,018.58 will be paid by Zhejiang SUPCON Xizi Technology consisting of CNY 5 million in cash and offset its accounts receivable of CNY 47,161,018.58 from the seller and its remaining balance of CNY 47,161,018.58 due to the seller. As of May 31, 2024, Zhejiang SUPCON System Engineering Co., Ltd. reported total assets of CNY 761.37 million and total common equity of CNY 52.7172 million.

The deal has been approved by the board of SUPCON Technology.