Chongqing Zongshen Power Machinery Co.,Ltd (SZSE:001696) agreed to acquire remaining 44% of stake in Chongqing Zongshen New Energy Development Co., Ltd. from Chongqing Zongshen Locomotive Industry Manufacturing Co., Ltd. for CNY 9.5 million on January 25, 2022. Chongqing Zongshen agrees to pay 80% of the equity transfer payment within 10 working days from the effective date of the agreement, that is CNY 7,625,520 and Pay 20% of the price, which is CNY 1.90638 million, after the completion of registration modification procedures. Chongqing Zongshen New Energy has a total assets of CNY 50.9 million, net assets of CNY 22.2 million, revenue of CNY 90.3 million, EBIT of CNY -3.8 million and net profit of CNY -2.2 million in 2021.

Chongqing Zongshen approved the acquisition of equity in Zongshen New Energy.