Guanghui Logistics Co.Ltd (SHSE:600603) agreed to acquire 92.7708% of stake in Xinjiang Hongnaosan Railway Co., Ltd. from Guanghui Energy Co., Ltd. (SHSE:600256) for CNY 4.2 billion on May 30, 2022. Xinjiang Hongnaosan had unaudited total assets of CNY 9.31 billion and net assets of CNY 3.96 billion, as of March 31, 2022. The Board of Guanghui Logistics approved the transaction and subject to approval of Guanghui Logistics and Guanghui Energy's shareholders. As of June 24, 2022, both parties to the transaction agreed and signed the “Supplementary Agreement to the Agreement on Cash Payment to Purchase Assets”, Guanghui Logistics shall pay CNY 4.1762 billion in cash to purchase a 92.7708% stake in the railway company held by Guanghui Energy. Guanghui Logistics will undertake the obligation of Guanghui Energy to repurchase 7.0529% of the equity of CDB Fund in the future. As on July 26, 2022, shareholders of Guanghui Energy and Guanghui Logistics has approved the transaction. On August 15, 2022, the Guanghui Logistics Co.Ltd has completed the payment of CNY 209 million yuan of the transaction price and expects to complete the relevant procedures for equity delivery from October 15, 2022 to October 20, 2022. Huang Haizhou, Hosts Xu Feng and Xu Xuejing of Minmetals Securities Co.,Ltd acted as financial advisor, Liu Ji, Feng Cuixi and Wang Monan of Grandall Lawyers (Beijing) Office acted as legal advisor and Yang Xiong, Liang Chun, Qin Rui and Shi Changzhen of Moore Stephens Da Hua acted as accountants to Xinjiang Hongnaosan.

Guanghui Logistics Co.Ltd (SHSE:600603) completed the acquisition of 92.7708% of stake in Xinjiang Hongnaosan Railway Co., Ltd. from Guanghui Energy Co., Ltd. (SHSE:600256) on October 17, 2022.