Jiangxi Jovo Energy Co., Ltd (SHSE:605090) signed a contract to acquire 12% stake in Sichuan Huabei Oilfield Zhonglan Energy Co., Ltd. from China Construction Industrial Energy Engineering Group Co.,Ltd. for approximately CNY 110 million on December 20, 2023. The consideration consists of CNY 105.5 million in cash. As part of the consideration, CNY 105.5 million was paid towards common equity.

Prior to the transaction, Jiangxi Jovo Energy Co., Ltd (SHSE:605090) held 28%. Sichuan Huabei reported total assets of CNY 1.1 billion, net assets of CNY 578.2 million and operating income of CNY 1.9 billion in the period ending December 31, 2022.