Changshu Fengfan Power Equipment Co., Ltd. (SHSE:601700) and Fengfan Green Building (Changshu) Co., Ltd. agreed to acquire Suzhou Jing Ying PV-TECH CO., LTD from group of sellers on July 26, 2022. As part of the transaction, Changshu Fengfan Power Equipment will acquire a 98% stake for consideration in new shares and Fengfan Green Building will acquire 2% stake for consideration in cash. As of December 5, 2022, Changshu Fengfan Power Equipment Co., Ltd. (SHSE:601700) signed a equity purchase agreement to acquire 60% stake in Suzhou Jing Ying PV-TECH CO., LTD for CNY 960 million from group of sellers. The parties terminate the original issuance of shares and payment of cash to purchase assets, and plans to adjust the plan into an acquisition of only a 60% in Suzhou Jing Ying PV-TECH CO., LTD payable only in cash.

Changshu Fengfan Power Equipment will acquire 30% stake from Beijing Jinshi Jifengxiang Trade Co., Ltd., 20% stake from Suzhou Zhongqifei Investment Enterprise (Limited Partnership), 16.67% stake from Samemoto Trade Co., Ltd., 13.33% stake from Suzhou Xindexin Investment Management Enterprise (Limited Partnership), 6.67% stake from Suzhou Yuanfeida Investment Management Enterprise (Limited Partnership), 4.67% stake fromNingjin County Jingyuan New Energy Investment Co., Ltd., 2% each from Han Lili and Huang Jinqiang. Changshu Fengfan Power Equipment will raise supporting funds of not more than 100% of the acquisition price by issuing not more than 30% of total share capital to not more than 35 investors and the proceeds will be used for cash considerations, intermediary fees, and relevant taxes of the acquisition and supplement working capital of the Company or Suzhou Jing Ying PV-Tech Co., Ltd., wherein the supplement working capital will be not more than 25% of the acquisition price and not more than 50% of total proceeds. As of December 5, 2022, the parties signed an equity transfer agreement, Changshu Fengfan Power Equipment will acquire 3.33% stake from Beijing Golden Phoenix Trading Co. Ltd., and Suzhou Xindexin Investment Management Enterprise (Limited Partnership) will hold all of its shares. On May 31, 2023, the company held the 2022 Annual General Meeting of Shareholders to review and approve the "Proposal on Cash Acquisition of 60% Equity in Suzhou Jing Ying PV-TECH CO., LTD".

The transaction is approved by the Internal Decision-Making Institutions of the sellers and 4th Meeting of the Changshu Fengfan Power Equipment’s 5th Directorate and remains subject to Second Approval of the Changshu Fengfan Power Equipment’s Directorate after the Suzhou Jing Ying Assets’ Audit and Assessment Work are Completed, Passing the Anti-monopoly Bureau of the State Administration for Market Regulation’s Concentration of Business Operators Review, approval by Changshu Fengfan Power Equipment’s Shareholders and CSRC’s Approval.

Changshu Fengfan Power Equipment Co., Ltd. (SHSE:601700) and Fengfan Green Building (Changshu) Co., Ltd. completed the acquisition of Suzhou Jing Ying PV-TECH CO., LTD from group of sellers on June 30, 2023.