Shanghai Putailai New Energy Technology Co., Ltd. (SHSE:603659) signed an agreement to acquire an additional 66.67% stake in Liyang Yuequan Electric Energy Co., Ltd. from Ningbo Meishan Bonded Port Area Pengfeng Equity Investment Center (Limited Partnership) for approximately CNY 260 million on July 3, 2018. After the transaction, Shanghai Putailai New Energy Technology Co., Ltd. will hold 88.28% stake in Liyang Yuequan Electric Energy Co., Ltd. Liyang Yuequan Electric Energy Co., Ltd. reported total assets of CNY 310.35 million and net assets of CNY 282.47 million as at December 31, 2017. Liyang Yuequan Electric Energy Co., Ltd. reported revenues of CNY 6.85 million and net loss of CNY 12.45 million in 2017. The transaction does not need shareholders’ approval. The Board of Directors of Shanghai Putailai New Energy Technology Co., Ltd. approved the transaction on July 3, 2018. Shanghai Putailai New Energy Technology Co., Ltd. (SHSE:603659) completed the acquisition of an additional 66.67% stake in Liyang Yuequan Electric Energy Co., Ltd. from Ningbo Meishan Bonded Port Area Pengfeng Equity Investment Center (Limited Partnership) on September 12, 2018.