Tianjin Fuhuan Business Management Advisory Co., Ltd. entered into an agreement to acquire Nanjing Yidianhong New Energy Co., Ltd. from Changzhou Almaden Co., Ltd. (SZSE:002623) for approximately CNY 580 million on December 22, 2017. As per the debt settlement agreement dated December 22, 2017, consideration shall be satisfied in accordance with the debt settlement agreement. Under the agreement, Tianjin Fuhuan Business Management Advisory Co., Ltd. shall pay debt amounted to CNY 338.7 million. Consideration and debt of amount CNY 577.39 million shall be payable in five installments. First installment of CNY 124.9 million shall be payable within three business days from the date of completing the set up of escrow account, second installment of CNY 70.1 million when project passes the full on grid examination, third installment of CNY 51.1 million each according to the completion progress of rectification works, fourth installment of CNY 51.1 million is the quality assurance fund and fifth installment of CNY 280.2 million upon completion of transaction. For the year ended December 31, 2016, Nanjing Yidianhong New Energy Co., Ltd. reported total assets of CNY 417.4 million, net assets of CNY 156.6 million, revenue of CNY 20.4 million and net profit of CNY 3.6 million. The transaction is subject to shareholders’ approval of Changzhou Almaden Co., Ltd at a meeting to be held on January 8, 2018. The transaction has been approved by the 19th meeting of 3rd directorate of Changzhou Almaden Co., Ltd. Tianjin Fuhuan Business Management Advisory Co., Ltd. cancelled the acquisition of Nanjing Yidianhong New Energy Co., Ltd. from Changzhou Almaden Co., Ltd. (SZSE:002623) on January 12, 2019.