Jilin Province Chuncheng Heating Company Limited (SEHK:1853) entered into an agreement to acquire Changchun Yatai Thermal Power Co., Ltd. from Changchun Heating Power (Group) Company Limited for approximately CNY 320 million on October 29, 2020. Jilin Province Chuncheng Heating Company shall complete the payment of the consideration in full to Changchun Heating Power (Group) Company Limited in cash within 40 business days after the completion date. The consideration is intended to be financed partly by the internal resources of the Group and partly by the net proceeds from the global offering as to CNY 100 million. Changchun Yatai Thermal Power will become a wholly owned subsidiary of Jilin Province Chuncheng Heating Company on completion of the transaction. Changchun Yatai Thermal Power reported total revenue of CNY 411.6 million, net loss of CNY 69.8 million and net assets of CNY 62.9 million for the year ending, December 31, 2019. The transaction is subject to Changchun Heating Power (Group) Company having completed the applicable internal decision-making procedure in respect of the acquisition agreement and the transactions contemplated thereunder in accordance with the requirements of its articles of association, approval by the shareholders and Board of Jilin Province Chuncheng Heating Company and Jilin Province Chuncheng Heating Company and Changchun Heating Power (Group) Company having obtained and completed all necessary consents, approvals and filings from or with any relevant governmental or regulatory authorities in the PRC, Hong Kong or other jurisdictions. The independent Board committee has been established to advise the independent shareholders as to the acquisition agreement. Within 15 days from the date of signing of the acquisition agreement Changchun Heating Power (Group) Company Limited shall, and/or shall procure Changchun Yatai Heating Power to, complete the government approval and filing procedures, registration procedure with the relevant industry and commerce administration authority and other necessary legal procedures relating to the transfer of the equity interests. Giraffe Capital Limited acted as financial advisor for independent Board committee and the independent shareholders of Jilin Province Chuncheng Heating Company and BOCI Asia Limited acted as financial advisor for Jilin Province Chuncheng Heating Company. Jilin Province Chuncheng Heating Company Limited (SEHK:1853) completed the acquisition of Changchun Yatai Thermal Power Co., Ltd. from Changchun Heating Power (Group) Company Limited on December 31, 2020. All the conditions has been fulfilled.