Shenzhen Senior Technology Material (HKG:6067, SHE:300568) agreed to acquire a 59.98% stake in Bangci Electronic Technology (Yancheng) for about 241.8 million yuan, according to a Thursday Hong Kong bourse filing.

The acquisition will increase Shenzhen Senior's stake in Bangci to 73.48% from 13.5%, making Bangci a non-wholly owned subsidiary whose financial results will be consolidated.

The consideration will be paid in cash from the group's internal resources.

The target company's main products can be classified into monolayer piezoelectric ceramic plates and multilayer piezoelectric ceramic stacks, which are used in high-end semiconductor precision equipment and ultrasonic transducers.

The transaction is subject to shareholder approval and other conditions.