Shaoguan Risheng Biomass Power Generation Co., Ltd. agreed to acquire Shaoguan Qujiang Chant Environmental Thermoelectric Co., Ltd. from Guangdong Chant Group Inc. (SZSE:002616) for CNY 48.75 million on September 2, 2022. For the year ended April 30, 2022, Shaoguan Qujiang Chant had Total asset is CNY 206 million and Net asset is CNY 30 million. The transaction is approved by the foreign investment at the 10th meeting of the 10th Board of Directors of the company. As of September 2, 2022, the transaction is approved by board of directors of Guangdong Chant Group Inc. As on November 2, 2022 Guangdong Chant Group Inc. recently received the second and third phases of the transaction consideration total CYN 20 million from Shaoguan Risheng Biomass Power Generation Co., Ltd.

Shaoguan Risheng Biomass Power Generation Co., Ltd. completed the acquisition of Shaoguan Qujiang Chant Environmental Thermoelectric Co., Ltd. from Guangdong Chant Group Inc. (SZSE:002616) on November 10, 2022. As on November 18, 2022, Guangdong Chant received fourth installment payment of CNY 1.59 million from Shaoguan Risheng. As of December 26, 2022, Guangdong Chant Group has received a total of CNY 36.59286137 million in equity transfer payments, and CNY 46.61705575 million in debt payments.