Levima Advanced Materials Corporation (SZSE:003022) entered into an equity transfer agreement to acquire 42.5% stake in Xinneng Phoenix (Tengzhou) Energy Co., Ltd. from Langfang Huayuan Energy Technology Co., Ltd for approximately CNY 610 million on March 29, 2021. In a related transaction, Levima Advanced Materials Corporation entered into an equity transfer agreement to acquire 40% stake in Xinneng Phoenix (Tengzhou) Energy Co., Ltd. from ENN Natural Gas Co., Ltd. (SHSE:600803) on March 29, 2021. The equity transfer considerations are intended to be paid by the internal resources and/or bank loans of Levima Advanced Materials. For the period ended December 31, 2020, Xinneng Phoenix (Tengzhou) Energy reported loss after tax of CNY 44.89 million and net asset value of CNY 1,296.14 million, total assets of CNY 3,228.8 million and Revenue of CNY 1,641 million. The transaction is subject to approval at the general meetings/shareholders’ meetings of the parties. As on March 29, 2021, the transaction is approved by board of directors of Levima Advanced Materials. Levima Advanced Materials Corporation (SZSE:003022) completed the acquisition of 42.5% stake in Xinneng Phoenix (Tengzhou) Energy Co., Ltd. from Langfang Huayuan Energy Technology Co., Ltd on May 10, 2021. Levima Advanced Materials Corporation closed the related acquisition of 40% stake in Xinneng Phoenix (Tengzhou) Energy Co., Ltd. from ENN Natural Gas Co., Ltd on May 10, 2021. Post completion of the transaction, Xinneng Phoenix (Tengzhou) Energy Co., Ltd. name was changed to: Levima (Shandong) Chemical Co., Ltd.