Guangxi Guidong Electric Power Co., LTD. (SHSE:600310) signed an equity acquisition letter of intent to acquire Guangxi Guangtou Qiaogong Energy Development Co., Ltd. from Guang Xi Guang Tou Energy Co.,Ltd for CNY 1.6 billion on March 5, 2020. Guangxi Guidong Electric Power Co., LTD. entered into a Shares transfer and Cash Agreement to acquire Guangxi Guangtou Qiaogong Energy Development Co., Ltd. from Guang Xi Guang Tou Energy Co.,Ltd on March 19, 2020. Under the terms of consideration, Guangxi Guidong Electric Power will issue shares and pay cash to acquire Guangxi Guangtou Qiaogong Energy. Guangxi Guidong Electric Power Co., LTD. will pay approximately CNY 740 million in cash and issue 208,650,602 million shares as a part of consideration. Lock up period for the shares will be 36 months since issuance date As on June 30, 2020, Guangxi Guidong Electric Power Co., LTD. entered into supplement agreement to acquire Guangxi Guangtou Qiaogong Energy Development Co., Ltd. from Guang Xi Guang Tou Energy Co.,Ltd for CNY 1.6 billion. The cash consideration of the transaction would be financed from raising supporting funds by carrying out a private placement of 248.33 million shares. As of December 31, 2019, Guangxi Guangtou Qiaogong Energy Development Co., Ltd. reported total assets of CNY 2.4 billion, owner's equity of CNY 787.26 million, revenue of CNY 544.12 million, EBIT of CNY 151.08 million and net income of CNY 127.66 million. The transaction is subject to the evaluation report of the underlying assets involved in this transaction filed by the Guangxi SASAC, formal proposal of the transaction needs to be approved by the Guangxi SASAC, formal proposal of the transaction needs to be reviewed and approved by the board of directors of Guangxi Guidong Electric Power, formal proposal of the transaction needs to be reviewed and approved by the shareholders' meeting of Guangxi Guidong Electric Power, the transaction needs to be approved by the China Securities Regulatory Commission. As on June 30, 2020, transaction is subject to approval from the shareholders of Guangxi Guidong Electric Power Co., LTD. and approval of China Securities Regulatory Commission. The transaction plan was approved by the board of directors of Guangxi Guidong Electric Power at the 22nd meeting of the 7th Board of Directors of the company. The transaction plan was approved by Guangxi Guangtou Energy Co.Ltd. As of June 30, 2020, The Guangxi SASAC has given approved the assessment reports and official transaction. As of July 16, 2020, the transaction was approved by the shareholders of Guangxi Guidong Electric Power Co., LTD. As of September 16, 2020, the transaction has been approved by China Securities Regulatory Commission. On October 26, 2020, The transaction has been approved by relevant departments of China Securities Regulatory Commission. Liu Kun, Wang Xiang, Li Zhongjie, Li Chade, Lu Ganming and Shi Run of CITIC Securities Company Limited (SHSE:600030) acted as a financial advisor to Guangxi Guidong Electric Power Co., LTD. Liu Wei, Zhou Ruoting and Shi Jiajia of Grandall Law Firm acted as legal advisor to Guangxi Guidong Electric Power Co., LTD. Xia Ruyi and Wan Congxin of Beijing Yongtuo Certified Public Accountants Co., Ltd. acted as accountant to Guangxi Guidong Electric Power Co., LTD. Guangxi Guidong Electric Power Co., LTD. (SHSE:600310) completed the acquisition of Guangxi Guangtou Qiaogong Energy Development Co., Ltd. from Guang Xi Guang Tou Energy Co.,Ltd on December 17, 2020.