Wolong Real Estate Group Co.,Ltd. (SHSE:600173) signed the acquisition agreement to acquire Shanghai Wolong Mining Co., Ltd. from Wolong Electric Drive Group Co., Ltd. (SHSE:600580) for CNY 68 million on January 11, 2022. The Wolong Real Estate Group Co.,Ltd. shall make a one-time payment to the Wolong Electric Drive Group Co., Ltd. within 10 days of receipt of written notice from the Wolong Electric Drive Group Co., Ltd. that all conditions precedent have been satisfied. As of November 30, 2021, Shanghai Wolong Mining had total assets of CNY 129.59 million and had net assets of CNY 40.91 million.

The transaction has been approved by the board of directors of Wolong Real Estate Group. As of January 27, 2022, the transaction has been approved by the shareholders of Wolong Real Estate Group.