CSSC Science &Technology Co., Ltd (SHSE:600072) entered into an agreement to acquire remaining 88.58% stake in CSSC Group Wind Power Development Co., Ltd from China Shipbuilding Industry Corporation, CSIC Chongqing Shipbuilding Industry Co., Ltd. and CSSC Investment and Development Co. Ltd on January 11, 2022. Under the terms, the consideration will be paid in new shares of CSSC Science &Technology at CNY 12.5 per share.

In a related transaction, CSSC Science &Technology Co., Ltd will acquire CSIC Haizhuang Windpower Co., Ltd.'s , CSIC (Wuhan) Lingjiu Electronic Co., Ltd.'s 10% stake, Luoyang Sunrui Wind Turbine Blade Co., Ltd.'s 44.64% stake, CSIC Haiwei (Xinjiang) New Energy Co., Ltd.'s on January 11, 2022. For the year ended, 2021, CSSC Group Wind Power Development Co., Ltd reported Total assets of CNY 6194.03 million, Net assets of 1254.11 million, Revenue of CNY 1000.45 million, Net profit of 57.74 million. The transaction is subject to the second board of directors approval and the shareholders approval of CSSC Science &Technology, Internal Decision-Making Authorities' Approvals of China Shipbuilding Industry Corporation, CSIC Chongqing Shipbuilding Industry Co., Ltd. and CSSC Investment and Development Co.

Ltd, SASAC's Approval, Anti-monopoly Bureau's Concentration of Undertakings Review Approval, CSRC's Approval and other Necessary Approvals and approved by the board of directors of CSSC Science &Technology and obtained SASAC's agreement in principle. As of September 30, 2022, The board of CSSC Science& Technology has approved the deal through the issuance of shares and cash and raising of supporting funds. As on November 16, 2022, The shareholders of CSSC Science & Technology has approved the deal at 1st Extraordinary Shareholders Meeting held on November 15, 2022.