CR Gas Investment (China) Ltd. entered into a sale and purchase agreement to acquire approximately 14.85% stake in Chongqing Gas Group Corporation Ltd. (SHSE:600917) from China Resources YuKang Asset Management Co., Ltd. for CNY 2.4 billion on September 10, 2021. As a part of the transaction, CR Gas Investment will acquire 233.4 million shares for CNY 10.9 per share. In a related transaction, CR Gas Investment (China) Ltd. entered into sale and purchase agreement to acquire approximately 2.05% stake in Chongqing Gas Group Corporation Ltd. from China Resources Asset Management Company Limited for approximately CNY 250 million.

Following completion, CR Gas Investment holds a 16.90% stake in Chongqing Gas Group Corporation. As of October 15, 2021, CR Gas Investment (China) Ltd. has completed the payment of the relevant price for this transaction. The transfer of the agreement has yet to be handled by the Shanghai Branch of China Securities Depository and Clearing Corporation Limited.

The transaction is subject to parties obtain all necessary internal approvals and authorizations for the transfer of shares, the parties have obtained the approval or consent of their competent state-owned assets management authorities and satisfied or completed all the other approvals, filings, registrations, consents or requirements of the laws, regulations, regulatory authorities and any other third parties for the transfer of shares. Zhou Xuan and Lin Wenbo of Beijing Jingtian & Gongcheng Law Firm acted as legal advisor to Chongqing Gas Group.