Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) signed a share transfer agreement to acquire 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Zhang Yuzheng for CNY 1.8 billion on November 10, 2022. Before the transaction Zhang Yuzheng directly held 12.46% of Jolywood. Zhejiang Zheneng Electric Power has completed the due diligence work related to this transaction. Zhejiang Zheneng board has approved the acquisition. The transaction still needs to obtain the approval of the State-owned Assets Supervision and Administration Department, the review of the concentration of operators by the State Administration for Market Regulation (or the State Anti-Monopoly Bureau), and the compliance confirmation of the transaction by the stock exchange. As on January 3, 2023, Zhejiang Provincial State-owned Assets Supervision and Administration Commission's Approved the transaction. Transaction is still subject to State Administration for Market Regulation (or the State Anti-Monopoly Bureau). As on January 18, 2023, Transaction is approved by State Administration for Market Regulation (or the State Anti-Monopoly Bureau).

Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) completed the acquisition of 9.7% stake in Jolywood (Suzhou) Sunwatt Co., Ltd. (SZSE:300393) from Zhang Yuzheng on February 14, 2023. After the completion of the share transfer, the controlling shareholder of the company was changed from Mr. Lin Jianwei and Ms. Zhang Yuzheng to Zhejiang Zheneng, and the actual controller was changed from Mr. Lin Jianwei and Ms. Zhang Yuzheng to Zhejiang State-owned Assets Supervision and Administration Commission.