CNNP Rich Energy Corporation Limited agreed to acquire Tongyu Xiangtong New Energy Co., Ltd. from Sany Heavy Energy Co., Ltd. (SHSE:688349) for approximately CNY 290 million on February 6, 2024. Tongyu Xiangtong New Energy Co., Ltd. reported Total assets worth CNY 68.3 million, EBIT of CNY 16.7 million, Net Income of CNY 10.3 million and Total Common equity of CNY 227. 1 million on September 30, 2023.

The transaction has been approved by board of Sany Heavy Energy on February 6, 2024.