Beijing Jingneng Clean Energy Co., Limited signed the share purchase agreement to acquire 100% stake in Ningxia Zehua New Energy Co., Ltd. from Ningxia Jiaze Renewables Corporation Limited for CNY 148.35 million.

Beijing Jingneng Clean Energy Co., Limited (SEHK:579) signed the share purchase agreement to acquire Ningxia Zehua New Energy Co., Ltd. from Ningxia Jiaze Renewables Corporation Limited (SHSE:601619) for CNY 148.35 million on January 17, 2023. For the year ended, June 30, 2022, Ningxia Zehua New Energy Co., Ltd. total asset is CNY 393.85 million and net asset is CNY 65.98million.The transaction was approved by 17th session of the Ningxia Jiaze Renewables Corporation Limited 3rd directorate and still needs to be approved by the company’s shareholders’ meeting. As on March 21, 2023, the parties signed “Share Transfer Supplement Agreement,” agreeing Ningxia Zehua New Energy Co., Ltd.’s. Within 10 working days after the completion of the transfer, Beijing Jingneng Clean Energy Co., Limited will pay 70% of the transfer price.

Within 10 working days after Ningxia Jiaze Renewables Corporation Limited completes all of the * items and obtains the approval of Beijing Energy Group's asset evaluation and filing, Beijing Jingneng Clean Energy Co., Limited will pay 10% of the transfer price. The quality problems and quality defects of the equipment or project are accepted by Beijing Jingneng Clean Energy Co., Limited.