Shenzhen Mason New Energy Co., Ltd. agreed to acquire Fuxin Kaidi New Energy Development Co. Ltd. from Kaidi Ecological and Environmental Technology Co., Ltd. for CNY 69 million on June 12, 2023. As of December 31, 2022, Fuxin Kaidi New Energy Development Co.

Ltd. reported total assets of CNY 400 million and net assets of CNY 150 million. The deal has been approved by board of directors of Shenzhen Mason Technologies Co.,Ltd. The deal is subject to approval from regulatory board and shareholders of Shenzhen Mason Technologies Co.,Ltd.