China Power International Development Limited (SEHK:2380) agreed to acquire Qingshuihe Mingyang from Ming Yang New Energy Investment Holding Group Co., Ltd. for CNY 420 million on July 12, 2021. Within five business days after the relevant Equity Transfer Agreement has been executed and become effective, a 10% of the consideration for the relevant Equity Interest shall be deposited into a Co-managed Account. Another 80% of the consideration for the relevant Equity Interest shall be deposited into the Co-managed Account before the Equity Transfer Registration. Such consideration shall be released to the Seller in the following manner and subject to the conditions as set out below. A 50% of consideration shall be paid to the Seller on the date when the Equity Transfer Registration has been completed and a new business registration has been obtained. A 40% of the consideration shall be paid to the Seller on the date when the confirmation for transfer of the management rights has been executed according to the terms of the Completion. China Power International Development Limited has deposited 90% of the consideration for the relevant Equity Interest to the Co-managed Account. Upon completion of the Acquisitions, Qingshuihe Mingyang will become subsidiary of China Power International Development Limited and its financial results will be consolidated to the accounts of the Group. China Power International Development Limited will finance the considerations for the Acquisitions by internal resources and/or bank borrowings of the Group. The net assets of Qingshuihe Mingyang for December 31, 2020 were CNY 103.53 million. The transaction is subject to Ming Yang New Energy Investment Holding Group Co., Ltd. obtaining the approval of the board of directors and the general meeting of shareholders and bondholders. and China Power International Development Limited obtaining the approvals of the relevant authorities (including but not limited to the State-owned asset management agencies). Completion shall take place within seven business days after the Equity Transfer Registration of the relevant Target Company has been completed, which shall not be later than 31 August 2021.