Hunan Heshun Petroleum Co.,Ltd. (SHSE:603353) signed a Equity Acquisition Intention Agreement to acquire 70% stake in Hunan Hexing Energy Petroleum from Yang Shengqing and Li Zhujun on March 26, 2021. Under the terms of transaction,Hunan Hexing Energy promises to sort out and integrate its gas station assets and operations within 4 months to meet the company’s acquisition requirements and Hunan Heshun intends to use raised funds to acquire not less than 70% of Hunan Hexing Energy Petroleum Co., Ltd. from Yang Shengqing and Li Zhujun currently hold 5% and 95% stake in Hunan Hexing Energy and both agree to acquire not less than 5% and 65% stake in Hunan Hexing Energy Petroleum. The equity purchase still needs to conduct a comprehensive due diligence, audit and asset evaluation, and further negotiate and negotiate based on the relevant results. The final terms of the transaction are to sign the formal equity, The transfer agreement shall prevail. The Hunan Heshun Petroleum held the eighteenth meeting of the second session of the board of directors on March 26, 2021, to deliberate and pass the Proposal on the Hunan Heshun Petroleum Signing of the Equity Acquisition Intention Agreement