IRICO Group Electronics Co. Ltd. (SEHK: 438) entered into a share purchase agreement to acquire an additional 30% stake in Jiangsu Yongneng Photovoltaic Technology Company Limited from Suzhou Yongjin Investment Co., Ltd., Suzhou Huilian Solar Energy Technology Co., Ltd. and Yin Meiping for approximately CNY 110 million in cash on September 29, 2011. The consideration shall be paid as an amount of CNY 52.5 million (first payment) to the escrow account after the agreement becomes effective and in any event no later than September 30, 2011 and an aggregate of CNY 52.5 million to the escrow account after the agreement becomes effective and in any event no later than October 31, 2011. Suzhou Yongjin Investment Co., Ltd. will sell 6.5% stake and Suzhou Huilian Solar Energy Technology Co., Ltd. will sell 12% stake in Jiangsu Yongneng Photovoltaic Technology Company Limited. As of March 22, 2017, an equity acquisition variation agreement was signed. Pursuant to the variation agreement, IRICO Group New Energy Company Limited (SEHK:438) agreed to acquire an additional 30% stake in Jiangsu Yongneng Photovoltaic Technology Company Limited from Suzhou Huilian Solar Energy Technology Co., Ltd., Jiangsu Tiancheng Energy Development Co., Ltd. and others for CNY 68 million. Jiangsu Yongneng Photovoltaic Technology Company Limited had total assets of CNY 550.75 million as at January 31, 2011. Jiangsu Yongneng Photovoltaic Technology Company Limited had profit before taxation and extraordinary items of CNY 38.86 million and profit after taxation and extraordinary items of CNY 29.14 million for the year ended December 31, 2010. Upon completion of the acquisition, the Board of Directors of Jiangsu Yongneng shall compose nine Directors, of which five Directors will be appointed by IRICO Group Electronics, two Directors will be appointed by the sellers and Pusheng, two Directors will be appointed by the other shareholders of Jiangsu Yongneng; and the Chairman of the Board of Directors of Jiangsu Yongneng shall be appointed by IRICO Group Electronics. After the registration procedure for the agreement with the relevant regulatory authorities is completed, Zhangjinggang Committee will transfer the consideration kept in the escrow account to each of the sellers proportionately. The deal shall be conditional upon the agreement having been approved by the shareholders of IRICO Group New Energy Company Limited and the agreement having been filed with the relevant regulatory authorities of IRICO Group Electronics. The Board of IRICO Group Electronics believes that the deal is fair, reasonable and in the best interests of IRICO Group Electronics and the shareholders as a whole. After the first payment is made and upon receipt of a written notice of IRICO Group Electronics, the sellers and Zhangjiagang Free Trade Zone Pusheng Tiancheng Trading Company Limited shall assist IRICO Group Electronics to complete the registration in respect of the equity transfer within 30 days. On April 18, 2017, the shareholders of IRICO Group Electronics Co. Ltd. approved the deal. The acquisition shall be completed upon the completion of the registration in respect of such equity transfer. If IRICO Group Electronics fails to settle the consideration for more than 30 days, the sellers may unilaterally terminate the deal. If after the agreement becomes effective, IRICO Group Electronics shall be in default of payment of the consideration under the agreement and remain in default of payment for more than 15 days, IRICO Group Electronics shall be liable for a penalty in a sum equivalent to 0.03% of the total consideration for each day of such default. PKF Hong Kong SAR acted as accountant for IRICO Group Electronics Co. Ltd. IRICO Group Electronics Co. Ltd. (SEHK: 438) completed the acquisition of an additional 30% stake in Jiangsu Yongneng Photovoltaic Technology Company Limited from Suzhou Yongjin Investment Co., Ltd., Suzhou Huilian Solar Energy Technology Co., Ltd. and Yin Meiping on April 20, 2017.