Shanghai Jingyou New Energy Co., Ltd. signed a Share Transfer Agreement to acquire a 11.45% stake in Kehua Holdings Co.,Ltd (SHSE:603161) from Hongmin and Chen Xiaoke for approximately CNY 340 million on August 31, 2023. Under the terms, Shanghai Jingyou New Energy will pay CNY 68.7 million within 7 working days of the agreement effective date, CNY 103.1 million within 5 working after the Shanghai Stock Exchange reviews the transfer and receives a confirmation document from the Shanghai Stock Exchange, CNY 137.4 million within 5 working from the transfer completion and the remaining CNY 34.4 million before August 31, 2024. Post completion, Shanghai Jingyou New Energy will hold 11.45% stake, Chen Hongmin will hold 20.56% stake and Chen Xiaoke will hold 2.96% stake in Kehua Holdings.

Shanghai Jingyou New Energy Co., Ltd. completed the acquisition of 11.45% stake in Kehua Holdings Co.,Ltd (SHSE:603161) from Hongmin and Chen Xiaoke on September 25, 2023.