LY ITECH has declared that its wholly-owned subsidiary, Lingyi Technology, intends to purchase a 96.15% stake in Zhejiang Xianglong. This stake is currently held by Venture Equities Management, Ningbo Jialong, Hangzhou Xiebang, and Ningbo Longjun, with the transaction valued at 2.404 billion yuan in cash. Once the deal is finalized, Zhejiang Xianglong will be incorporated into LY ITECH's consolidated financial statements. Zhejiang Xianglong is renowned for its expertise in automotive components and holds the prestigious status of a national-level specialized, sophisticated, and innovative 'Little Giant' enterprise. It caters to a wide array of new energy and traditional fuel vehicle manufacturers. Through this acquisition, LY ITECH aims to expedite and deepen its presence in the automotive industry, enrich its automotive product offerings, broaden its revenue sources, and facilitate industrial upgrading and optimization.