Qingdao Tianneng Heavy Industries Co.,Ltd (SZSE:300569) agreed to acquire the remaining 49% stake in Hunan Xiangneng Heavy Industry Co., Ltd. from Guizhou Wenhehui Enterprise Management Partnership Enterprise (Limited Partnership) and Shanghai Jianqian Enterprise Management Partnership Enterprise (Limited Partnership) for approximately CNY 190 million on December 11, 2020. Qingdao Tianneng Heavy Industries Co.,Ltd will acquire 15% stake from Guizhou Wenhehui Enterprise Management Partnership Enterprise (Limited Partnership) for CNY 56.72 million and 34% stake from Shanghai Jianqian Enterprise Management Partnership Enterprise (Limited Partnership) for CNY 128.56 million. Within 10 and 45 working days after the completion of the delivery, Qingdao Tianneng Heavy Industries Co.,Ltd will pay 50% and 50% of the transfer price. Qingdao Tianneng Heavy Industries Co.,Ltd presently holds 51% stake in Hunan Xiangneng Heavy Industry Co., Ltd. and post completion of the transaction will hold the entire 100% stake. For the year ending December 31, 2019, Hunan Xiangneng Heavy Industry reported total assets of CNY 172.15 million, net assets of CNY 47.19 million, revenue of CNY 139.85 million, operating profit of CNY 27.11 million and net profit of CNY 20.25 million. This transaction has been approved by the in the 43rd Meeting of Qingdao Tianneng Heavy Industries Co.,Ltd's 3rd Directorate held on December 11, 2020, and does not need the shareholders’ approval.