Chongqing Xinying Yuanjian Machinery Manufacturing Co., Ltd. signed a stake transfer agreement to acquire 66% stake in Chongqing Hengtong Bus Co., Ltd. and Chongqing Hengtong Electric Bus Power System Co., Ltd from Sichuan Western Resources Holding Co., Ltd. (SHSE:600139) for approximately CNY 140 million on June 29, 2018. As on April 22, 2019, Chongqing Two Mountain Construction Investment Co., Ltd. signed an agreement to acquire 66% stake in Chongqing Hengtong Bus Co., Ltd. and Chongqing Hengtong Electric Bus Power System Co., Ltd from Sichuan Western Resources Holding Co., Ltd. The transaction was approved in the 75th meeting of the 8th directorate of Sichuan Western Resources Holding. On April 22, 2019, Sichuan Western Resources Holding Co., Ltd. held the 83rd meeting of the 8th directorate. The meeting reviewed and approved the signing of the agreement. As of April 24, 2019, Chongqing Xinying Yuanjian Machinery Manufacturing Co., Ltd. has so far paid CNY 65 million. Chongqing Xinying Yuanjian Machinery Manufacturing Co., Ltd. cancelled the acquisition of a stake transfer agreement to acquire 66% stake in Chongqing Hengtong Bus Co., Ltd. and Chongqing Hengtong Electric Bus Power System Co., Ltd from Sichuan Western Resources Holding Co., Ltd. (SHSE:600139) on October 24, 2019.