Zhejiang Qixin Technology Limited entered into the Share Purchase Agreements to acquire 3.2% stake in Sino IC Leasing Co., Ltd. from GCL-Poly Energy Holdings Limited (SEHK:3800) for approximately CNY 380 million on December 2, 2020. In a related transaction, Zhejiang Qixin Technology Limited entered into an agreement to acquire 2.8% stake in Sino IC Leasing Co., Ltd. from Jiangsu Zhongneng Polysilicon Technology Development Co., Ltd. for approximately CNY 340 million on December 2, 2020. GCL-Poly Energy will cease to own any stake in Sino IC and it will act through its subsidiary Apex Investment Holdings in this transaction. The transaction is subject to all relevant third party consents. The net proceeds from these transactions intends to use for the repayment of existing borrowings and general corporate purposes.