Jointo Energy Investment Co., ltd. Hebei. (SZSE:000600) agreed to acquire 45% stake in Hebei Zhanghewan Energy Storage and Power Generation Co., Ltd. and 40% stake in Qinhuangdao Thermal Power Generation Co., Ltd. from HeBei Construction & Investment Group Co., Ltd. for CNY 1.4 billion on March 1, 2019. On March 6, 2019, an agreement was signed. Jointo Energy Investment Co., ltd. Hebei. will issue 201.38 million shares as consideration at an issuance price of CNY 5.21 per share. As of June 5, 2019, Jointo Energy Investment Co., ltd. Hebei. implemented the 2018 equity distribution and will now issue 205.32 million shares at CNY 5.11 per share as part of consideration. Jointo Energy Investment Co., ltd. Hebei. will acquire 45% stake in Hebei Zhanghewan Energy Storage and Power Generation Co., Ltd. for CNY 766.09 million and 40% stake in Qinhuangdao Thermal Power Generation Co., Ltd. for CNY 283.13 million. Hebei Zhanghewan Energy Storage and Power Generation Co., Ltd reported total assets of CNY 2.49 billion and net assets of CNY 1.11 billion as at September 30, 2018. Qinhuangdao Thermal Power Generation Co., Ltd. reported total assets of CNY 1.73 billion and net assets of CNY 583.1 million as at September 30, 2018. The transaction is subject to approval of State-Owned Assets Supervision and Administration Department or its authorized institution’s approval, approval of shareholders of Jointo Energy Investment Co., ltd. Hebei., approval of China Securities Regulatory Commission and other necessary approval. The transaction has obtained approval of HeBei Construction & Investment Group CO., Ltd., approval of Hebei SASAC's agreement in Principle, approval of Board of Jointo Energy Investment Co., ltd. Hebei. and State-Owned Assets Supervision and Administration Department or its authorized institution’s filing of Hebei Zhanghewan Energy Storage and Power Generation Co., Ltd. and Qinhuangdao Thermal Power Generation Co., Ltd. The internal decision-making bodies of HeBei Construction & Investment Group Co., Ltd. approved the transaction. As of July 24, 2019, securities regulator rejected the transaction. Chi Huitao, Zhang Xiao, Zhu Feng, Wang Kang, Hua Qi and Mao Ning of Guotai Junan Securities Co., Ltd. (SHSE:601211) acted as the financial advisors, Xu Wenli and Gao Xiaoguang of Grandall Law Firm acted as the legal advisors and Li Yansheng and Wu Hemin of China Audit Asia Pacific Certified Public Accountants Co., Ltd. acted as the accountants to Jointo Energy Investment Co., ltd. Hebei.