DeTai New Energy Group Limited (SEHK:559) entered into non-legally binding Agreement to acquire ZTE Gaoneng Technology Company Limited from ZTE Corporation (SZSE:000063) on March 23, 2021. The consideration and other terms for the Possible Acquisition will be subject to further negotiations and will be determined upon signing of
the Formal Agreement. If no Formal Agreement is entered into within 30 days from the date of the Agreement (or such later date as the Purchaser and the Vendor may agree), the Agreement shall lapse. the Directors are of the view that the terms of the Agreement are fair and reasonable and the Possible Acquisition is in the interests of the Company and Shareholders as a whole.