ShenZhen YUTO Packaging Technology (SHE:002831) will purchase an additional 34% stake in subsidiary Dongguan Huayan New Material Technology for 299.2 million yuan, according to a Thursday filing with the Shenzhen bourse.

Chairman and actual controller Wang Huajun sold 20% while Shenzhen Guandian Investment sold 14%, according to the filing.

Following the transaction, Yuto Packaging will hold 85% of Huayan, a new material technology research and development subsidiary.