Harbin Electric Company Limited (SEHK:1133) entered into the equity transfer agreement to acquire additional 26.96% of stake in Harbin Steam Turbine Works Co., Ltd from China Huarong Asset Management Co., Ltd. (SEHK:2799) for CNY 7.2 million on November 28, 2019. In related transactions, Harbin Electric Company Limited entered into two agreements to acquire additional 5.2% stake in Harbin Boiler Co., Ltd., and additional 10.37% stake in Harbin Electric Machinery Co., Ltd. for CNY 425.6 million. Before entering into agreements, Harbin Electric Company Limited has paid CNY 21.64 million as part of combined consideration and remaining shall be payable within five working days after entering into agreements. The net income and total asset of Steam Turbine Company for the year ending December 31, 2018 is CNY 5.2 million and CNY 11.4 billion respectively. Completion of the equity transfer shall take place upon completion of the registration procedures for the change in shareholding of the target equity. The Board of Directors of Harbin Electric Company Limited has been approved by the Board of Directors of Harbin Electric Company. Completion of the equity transfer shall take place upon completion of the registration procedures for the change in shareholding of Harbin Electric Machinery Co., Ltd., Harbin Boiler Co., Ltd. and Harbin Steam Turbine Works Co., Ltd.

Harbin Electric Company Limited (SEHK:1133) completed the acquisition of additional 26.96% of stake in Harbin Steam Turbine Works Co., Ltd from China Huarong Asset Management Co., Ltd. (SEHK:2799) in December, 2019.