Youon Technology (SHA:603776) released the financing details of its plan to purchase a 65% stake in AllyNav Technology, according to a Thursday filing with the Shanghai Stock Exchange.

Youon will purchase the stake in the driverless system developer for farm machinery, through a private share placement and cash payment to the company's 13 shareholders, the filing said.

Upon completion, Youon also plans to issue new shares to as many as 35 investors to fund cash payment, related fees, and working capital, the filing said.

The specific transaction price has not yet been determined as audit and due diligence are still ongoing, the filing said.

The purchase will help ease Youon's entry into the unmanned agricultural machinery sector, the filing said.