SEC Electric Machinery Co., Ltd. (SHSE:603988) entered into the Agreement of Intent on Material Asset Reorganisation to acquire 88.31% stake in Tianjin Beiqing Electric Smart Energy Co., Ltd. from Beijing Enterprises Clean Energy Group Limited (SEHK:1250) on March 15, 2021. Upon completion of the Asset Swap, SEC Electric will acquire all the remaining equity interests of Beiqing Smart from all the shareholders of Beiqing Smart through the issuance of A-shares of SEC Electric. Transaction will be subject to the definitive agreement, obtaining approvals from the board of directors and/or shareholders of each party and the competent regulatory authorities.

SEC Electric Machinery Co., Ltd. (SHSE:603988) cancelled the acquisition of a 88.31% % stake in Tianjin Beiqing Electric Smart Energy Co., Ltd. from Beijing Enterprises Clean Energy Group Limited (SEHK:1250) on February 17, 2022.