Ningbo Urban Construction Investment Holding Co.,Ltd agreed to acquire a 5% stake in Ningbo Energy Group Co.,Ltd. (SHSE:600982) from Ningbo Development & Investment Group Co., Ltd. for approximately CNY 250 million on December 16, 2022. Under the terms, Ningbo Urban Construction will pay CNY 4.49 share in cash for 55.88 million shares of Ningbo Energy Group Co. Post completion, Ningbo Development will hold 20.62% stake in Ningbo Energy.