Zhitong Finance App News, Ningbo Huaxiang (002048.SZ) announced that the board of directors of the company reviewed and passed the “Proposal on Jointly Acquiring 100% of Fengmei Power's Shares and Related Transactions with Related Parties”, agreeing that the company and the actual controller, Ningbo Fengmei Holdings Co., Ltd. (“Fengmei Holdings”) jointly purchased 100% of the shares of Shanghai Fengmei Power Systems Co., Ltd. (“Fengmei Power” for short) owned by SAIC Volkswagen through cash funding, of which Ningbo Huaxiang purchased 40% of the shares of the target company and Fengmei Holdings purchased 60% of the shares in the target company . The total transfer price was $530 million.

Zhitong Finance App News, Ningbo Huaxiang (002048.SZ) announced that the board of directors of the company reviewed and passed the “Proposal on Jointly Acquiring 100% of Fengmei Power's Shares and Related Transactions with Related Parties”, agreeing that the company and the actual controller, Ningbo Fengmei Holdings Co., Ltd. (“Fengmei Holdings”) jointly purchased 100% of the shares of Shanghai Fengmei Power Systems Co., Ltd. (“Fengmei Power” for short) owned by SAIC Volkswagen through cash funding, of which Ningbo Huaxiang purchased 40% of the shares of the target company and Fengmei Holdings purchased 60% of the shares in the target company . The total transfer price was $530 million.