SEC Electric Machinery Co., Ltd. (SHSE:603988) intends to acquire Tianjin Beijing Clean Power Smart Energy Co., Ltd. from Tianjin Fuqing Investment Co., Ltd and others for CNY 12.258 billion on March 15, 2021. The transaction is subject to approval from shareholders of SEC Electric, The State Administration for Market Regulation's Approval of Business Concentration Anti-monopoly Review and CSRC's approval. The transaction has been approved by shareholders of Tianjin Beijing Clean Power and by the Board of SEC Electric. On September 23, 2021, SEC Electric Machinery Co., Ltd. intends to raise supporting funds from no more than 35 specific investors through non-public issuance of shares, and the total raised supporting funds shall not exceed CNY 3,000 million and not exceed the capital. SEC Electric Machinery Co., Ltd. will issue 1.18 billion shares to shareholders of Tianjin Beijing Clean Power Smart Energy Co., Ltd. Tianjin Beijing Clean Power Smart Energy Co., Ltd.'s indirect controlling shareholder, Beijing Enterprises Clean Energy, held a board of directors and made a resolution to agree to the formal plan of the transaction. As of January 26, 2022, the Board of Beijing Enterprises Clean Energy Group considered that the Proposed Reorganisation will not be proceeded due to certain conditions precedent cannot be fulfilled and accordingly lapsed.

Wang Jian, Tao Longlong, Bao Minzhang, Gao Yuan, Yan Mingqing, Zhou Baichuan, Zhang Xiaozhong, Liu Naisheng and Lin Xuan of CSC Financial Co., Ltd. provided independent financial advisory services to SEC Electric. AllBright Law Offices acted as legal advisor while ShineWing Certified Public Accountants Co., Ltd. and Pan-China Certified Public Accountants LLP acted as accountants to SEC Electric Machinery Co., Ltd.

SEC Electric Machinery Co., Ltd. (SHSE:603988) acquisition of Tianjin Beijing Clean Power Smart Energy Co., Ltd. from Tianjin Fuqing Investment Co., Ltd and others for CNY 12.258 billion was terminated on February 25, 2022..