Chengdu Xingrong Renewable Energy Co., Ltd. agreed to acquire Xi'an Welle Environmental Technology Co., Ltd. from WELLE Environmental Group Co.,Ltd (SZSE:300190) for approximately CNY 280 million on November 16, 2023. Chengdu Xingrong Renewable recently won a bid to acquire Xi'an Welle Environmental Technology. As of October 31, 2023, Xi'an Welle Environmental Technology reported total assets of CNY 264.76 million and net assets of CNY 177.99 million.

On November 16, 2023, the 5th directorate of WELLE Environmental approved the transaction.