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On February 26, JY Technology issued an announcement stating that it had entered into an 'Intent Agreement' with the shareholders of Yingzhong Electric, namely Yu Yingzhong, Zhu Lijuan, and Yu Biao. The company aims to acquire a minimum of 51% of Yingzhong Electric's shares through a cash transaction, thereby gaining a controlling interest. Upon completion of the deal, Yingzhong Electric will transform into a subsidiary under JY Technology's control and will be incorporated into its consolidated financial statements. Yingzhong Electric specializes in providing insulating fiber materials and their molded products, with a product range that encompasses supporting components for power transmission and transformation equipment across all voltage tiers.
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