Ningxia Baofeng Energy Group Co., Ltd. (SHSE:600989) won the bid to acquire Ningxia Hongdunzi Coal Industry Co., Ltd./Ningxia Zaoquan Power Generation Co., Ltd. from SPIC Group Ningxia Energy and Aluminium Co., Ltd. for CNY 1700.02 million on December 20, 2022. Ningxia Baofeng Energy Group Co., Ltd. won the bid for the 40% stake in Ningxia Hongdunzi Coal Industry Co., Ltd. and 49% stake in Ningxia Zaoquan Power Generation Co., Ltd. This transaction was approved by the 23rd session of the Ningxia Baofeng Energy Group Co., Ltd. 3rd directorate. For the year ended, October 31, 2022, Ningxia Hongdunzi Coal Industry Co., Ltd./Ningxia Zaoquan Power Generation Co., Ltd. total asset is CNY 11,993 million and net asset is CNY 286 million.