Renaissance Asia Silk Road Group Limited (SEHK:274) entered into an agreement to acquire 51% stake in New Asia Mining Co., Ltd. from Huafeng Mining Co., Ltd. for CNY 32 million on May 24, 2023. As per payment terms, Renaissance Asia Silk Road shall pay CNY 3.5 million within 30 business days after signing the agreement, CNY 18 million shall pay within 180 business days after the completion and CNY 7 million shall pay within 240 business days after the appointment of directors, general manager, chief financial officer and senior management nominated. New Asia Mining has reported net assets of CNY 24 million on December 31, 2022.

The transaction is conditional upon conditions: the board of directors and the shareholders of Renaissance Asia Silk Road have approved the resolution, shareholders of New Asia Mining has approved the transaction, obtaining of all necessary consents and approvals from the relevant governmental or regulatory bodies and no governmental or regulatory bodies. As of June 16, 2023, New Asia Mining Co., Ltd. has met the conditions and a valid mining license necessary for resuming production, but still needs to obtain various licenses such as Safety Production License, Water-taking License and Explosive Operation Unit License after resuming production.