Wuxi Huaguang Environment & Energy Group Co.,Ltd. signed a Share Transfer Agreement to acquire 51% stake in Fengxian Xinyuan Biological Environmental Heat and Power Co., Ltd. from GCL Smart Energy Co. Ltd. for CNY 160 million on March 24, 2023. As of June 30, 2022, Fengxian Xinyuan Biological Environmental Heat and Power Co., Ltd. reported total assets of approximately CNY 440 million and total common equity of approximately CNY 210 million.

The transaction has been approved by the 8th and 9th directorate of Wuxi Huaguang Environment & Energy Group.