ABB China Ltd. agreed to acquire 40% stake in ABB Sifang Power System Co. Ltd. from Beijing Sifang Automation Co.,Ltd (SHSE:601126) for approximately CNY 110 million on May 8, 2020. ABB China Ltd. will pay the consideration amount within five days after the signing of the agreement. As of October 23, 2020, the transaction margin and equity transfer amount of CNY 105 million in the co-managed account was released and transferred to Beijing Sifang Automation's account. For the year ended December 31, 2019, ABB Sifang Power System Co. Ltd. reported total assets of CNY 847.5 million, net assets of CNY 144.1 million, operating revenue of CNY 457.1 million and net loss of CNY 0.44 million. The transaction was approved by the 9th meeting of the 6th directorate of Beijing Sifang Automation Co.,Ltd. As of October 13, 2020, the Anti-Monopoly Bureau unconditionally approved the transaction. ABB China Ltd. completed the acquisition of 40% stake in ABB Sifang Power System Co. Ltd. from Beijing Sifang Automation Co.,Ltd (SHSE:601126) on February 25, 2021.