Sany Heavy Equipment International Holdings Company Limited (SEHK:631) entered into an agreement to acquire Sany Oil Technology Hongkong Limited from Sany Perpetual Enterprise Holdings Company Limited for CNY 2.9 billion on April 12, 2023. Of the total consideration, 30% of the Consideration, shall be payable in cash by the Company to the Vendor within 60 days after the Completion Date and balance will be paid by December 31, 2023. The transaction is conditional on approval of shareholders of Sany Heavy Equipment International Holdings Company, the Company having been satisfied with the results of the due diligence in respect of the Target Group and all necessary consents, permissions, approvals, licenses, waivers, orders, reliefs or notices from government and regulatory authorities or any other third parties required to be obtained by the Target Group in respect of the Agreement and the transactions contemplated thereunder having been obtained. Sany Oil Technology Hongkong Limited recorded revenues of CNY 2.1 billion, net profit of CNY 385.6 million, total assets of CNY 2.3 billion, net assets of CNY 566.6 million for the year ended December 31, 2022. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor to Sany Heavy Equipment International Holdings Company Limited (SEHK:631). As of June 9, 2023 Sany Heavy Equipment International Holdings Company Limited's shareholders approved the deal. Somerley Capital Limited acted as financial advisor and fairness opinion provider to Sany Heavy Equipment International Holdings Company Limited (SEHK:631).

Sany Heavy Equipment International Holdings Company Limited (SEHK:631) completed the acquisition of Sany Oil Technology Hongkong Limited from Sany Perpetual Enterprise Holdings Company Limited on June 10, 2023.