Elite Color Environmental Resources Science & Technology Co., Ltd. (SZSE:002998) signed equity transfer agreement to acquire Jiangyin Zhongcai Photovoltaic Material Technology Co., Ltd from Jiangsu Yixin New Material Technology Co., Ltd for CNY 41.5 million on January 30, 2021. The transaction price is paid in two installments. Within three working days from the effective date of the signing of this agreement, the Elite Color shall pay the first transaction consideration of CNY 2 million to the transferor’s account ; Within five working days after the completion of the delivery, it shall pay the second transaction consideration of CNY 39.5 million to the account of the transferor. The parties further agree that if the target company has any outstanding liabilities on the delivery date, the transferee may deduct from the transaction consideration or require the transferor to compensate the amount of such outstanding liabilities. Transaction was funded from self-raised funds. Ren Haitao and and Jiangyin Honglie Metallurgical Equipment acted as guarantor in transaction.For year ended December 31, 2020, The Jiangyin Zhongcai Photovoltaic Material had total assets, net assets, operating income and net loss as CNY 24.8 million, CNY 24.7 million, CNY 0.4 million and CNY 1.7 million respectively. On January 30, 2021, transaction was approved by board of Elite Color Environmental Resources Science & Technology. The parties agree that the subject of this equity transfer is 100% of the equity of the subject company held by the transferor.