BECE Legend Group Co., Ltd. (SZSE:000803) intends to acquire Taiyuan Tianrun Bioenergy Co., Ltd from Prime World Limited for CNY120 million on February 7, 2021. BECE Legend Group Co., Ltd. (SZSE:000803) agreed to acquire Taiyuan Tianrun Bioenergy Co., Ltd from Prime World Limited on February 8, 2021. The Consideration shall be satisfied in cash. The parties to the Agreement also agree that if the relevant government authority of Taiyuan raises the unit price of kitchen waste treatment within twelve months from the date of the Agreement, for every CNY 1 per ton raised beyond the existing price of CNY 309.17 per ton, the Consideration shall be increased by CNY0.7 million, vice versa. Within three Business Days from the date of signing the Disposal Agreement, 17% of the Consideration, i.e. CNY 20.4 million will be paid to the bank account designated by Prime World Limited as refundable deposits. Within three Business Days from the date on which all the conditions precedent to the Agreement are satisfied, parties will open a jointly controlled bank account and within three Business Days after the Joint Account is opened, 68% of consideration i.e. CNY 81.6 million will be paid in the Joint Account. Within ten days from the Completion Date, the amount in the Joint Account can be released and transferred to the bank account designated by the Vendor; and Within twelve months from the Completion Date and subject to the condition that the Taiyuan Tianrun Bioenergy Co., Ltd has not encountered any loss in asset value of over CNY 3 million due to reasons caused by Prime World Limited, the remaining 15% of the Consideration, i.e. CNY 18 million will be paid within five Business Days thereafter to the bank account designated by Prime World Limited. The Additional Consideration together with such last instalment Consideration payment will also be made if applicable. Post Completion, Taiyuan Tianrun Bioenergy Co., Ltd will cease to be a subsidiary of the Group. For the year ended March 31, 2020, Taiyuan Tianrun Bioenergy Co., Ltd. reported net income of CNY 1.26 million. As at December 31, 2020, the unaudited net asset value of the Disposal Company was approximately CNY 114 million. Transaction is subject to approval of Taiyuan Urban and Rural Management Bureau, the written consent for the Disposal as well as its agreement to assist in the change of business registration of Taiyuan Tianrun Bioenergy Co., Ltd. from CITIC Financial Leasing Company Limited is obtained, the third party competent institution engaged by the Purchaser having issued the audited report of Taiyuan Tianrun Bioenergy Co., Ltd. and the approval of the Disposal by the Shareholders and all relevant authorities (including the Stock Exchange) having been obtained. The transaction was approved by the Board of Directors of BECE Legend Group Co., Ltd. In the event that the total net asset value of Taiyuan Tianrun Bioenergy Co., Ltd. as at December 31, 2020 as audited by a third party competent institution engaged by the Purchaser is (i) within 10% to 15% less than the net asset value of the Disposal Company as at December 31,2020 as agreed by both parties without taking into account any possible impairment (i.e. CNY 76.9 million), the Purchaser has the right to deduct such difference from the unpaid portion of the Consideration or (ii) if the Taiyuan Tianrun Bioenergy Co., Ltd. is unable to recover any of its accounts receivable recorded as at December 31, 2020 within the Stipulated Period, it shall reimburse the entire unrecovered amount to the Disposal Company, otherwise the Purchaser may deduct the entire unrecovered amount from the unpaid portion of the Consideration. Should Taiyuan Tianrun Bioenergy Co., Ltd. be able to receive those unrecovered accounts receivable subsequent to the reimbursement by the Vendor, the Purchaser shall return the equivalent reimbursement to the Vendor. The Group intends to use the net proceeds and the proceeds from provision of the financial assistance for repayment of the interest-bearing liabilities of the Group, including but not limited to (i) bank and other borrowings (ii) the bonds issued by the Company and (iii) the potential amount for settlement of the Writ. Completion of the transaction takes place upon the equity interest of the Taiyuan Tianrun Bioenergy Co., Ltd. having been transferred and registered in the name of the Purchaser and the Purchaser becoming the registered shareholder of the Taiyuan Tianrun Bioenergy Co., Ltd. Shareholders of New Concepts Holdings Limited approved the transaction on April 28, 2021. BECE Legend Group Co., Ltd. (SZSE:000803) completed the acquisition of Taiyuan Tianrun Bioenergy Co., Ltd from Prime World Limited on August 5, 2021. Following the Completion, Taiyuan Tianrun ceased to be a subsidiary of the Group. The Board hereby announces that all the Conditions Precedent have been fulfilled in accordance with the terms and conditions of the Disposal Agreement.