Central Development Holdings Limited (SEHK:475) agreed to acquire 35% stake in Anhui Huagang Bochen New Energy Co., Ltd. from Mr. Zhang Bing for HKD 52 million on August 19, 2022. The transaction needs regulatory approval. Gram Capital Limited acted as financial advisor to Central Development Holdings Limited (SEHK:475).

Completion of the transaction no later than 31 March 2023.