Hua Jianxing Industry Investment Co., Ltd. agreed to acquire all assets and liabilities of Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. for CNY 1.3 billion on January 20, 2019. The consideration will be paid in cash. In related transaction, JingAo Solar Co., Ltd signed an agreement to acquire Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd in a reverse merger transaction on January 20, 2019. The transaction is subject to China Securities Regulatory Commission and Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd's directorate meeting and shareholders’ meeting approve the formal plan of this transaction. As on January 20, 2019, transaction has been approved by the Board of Directors and shareholders of Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. As on January 20, 2019, transaction has been approved by the shareholders of Hua Jianxing Industry Investment Co., Ltd at the shareholders' meeting. As on August 7, 2019, approval from the State Administration for Market Regulation in its issued decision of “Antitrust review of no implementation of further review” was received. On October 28, 2019, Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. received approval from China Securities Regulatory Commission. Shao Luwei, Zhang Lei, Wang Jianjiang and Li Zhongsheng of CSC Financial Co., Ltd. (SEHK:6066) acted as financial advisors; Sun Ji and Liu Zhihui of King & Wood Mallesons acted as legal advisors; Wu Xue and Wan Qing of BDO China SHU LUN PAN Certified Public Accountants LLP and Yuan Tao and Zhang Qi of Shanghai Certified Public Accountants acted as accountants for Qinhuangdao Tianye Tolian Heavy Industry. Hua Jianxing Industry Investment Co., Ltd. completed the acquisition of all assets and liabilities of Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. on November 19, 2019.