International Composites: Plans to acquire a 40% stake in Hongfa New Materials, a controlling subsidiary, for 712 million yuan

People’s Finance News, March 27—International Composites (301526) announced on March 27 that the company has entered into a 《Equity Transfer Agreement》 with minority shareholders of its controlling subsidiary, Changzhou Hongfa Zongheng New Materials Technology Co., Ltd. (hereinafter referred to as “Hongfa New Materials”). The company plans to acquire a 40% equity interest in Hongfa New Materials from minority shareholders Tan Kunlun and Tan Lingzhi, who in total hold 40% of Hongfa New Materials, for RMB 712 million. After the transaction is completed, Hongfa New Materials will become a wholly owned subsidiary of the company.