Shanghai Qinglongrun Enterprise Management Consulting Co., Ltd agreed to acquire 2.8% stake in Shanghai Zhenlong Real Estate Development Co., Ltd from Shanghai Prosolar Resources Development Co., Ltd (SHSE:600193) for CNY 40.8 million on July 5, 2023. Shanghai Prosolar Resources received the first equity transfer payment of CNY 8 million as of July 12, 2023. As of May 31, 2023, Shanghai Zhenlong Real Estate Development Co., Ltd total asset is CNY 12318.73 million and net asset is CNY 141.83 million.

The transaction was approved by second meeting of the ninth session of the board of directors of the Shanghai Prosolar Resources Development Co., Ltd. This matter still needs to be submitted to the general meeting of shareholders for consideration. On July 20, 2023 Shanghai Prosolar Resources Development Co., Ltd (SHSE:600193) shareholders approved the transaction.