Hunan Xinhua Water Conservancy and Electric Power Co., Ltd. entered into an agreement to acquire a 51% stake in Huocheng Xian Tukai New Energy Technology Development Co Ltd from GCL-Poly Energy Holdings Limited (SEHK:3800) for CNY 40.3 million on December 30, 2020. Under the terms, Hunan Xinhua Water Conservancy and Electric Power Co., Ltd. will pay the consideration in three installments following CNY 12 million within five business days after the completion of the registration procedures, CNY 4.5 million within five business days after the handover of account passwords and seals and the handover of assets and Information and CNY 23.79 million within three years from the closing date. Huocheng Xian Tukai New Energy Technology Development Co Ltd reported unaudited net asset of CNY 73.554 million of six months ended June 30, 2020 and reported prodit after tax CNY 8.337 million. The net cash proceeds from the transactions GCL-Poly Energy Holdings Limited intends to use for repayments of its debts.