Shanghai Worth Garden Products Co., Ltd. (SZSE:300483) agreed to acquire an additional 7% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for approximately CNY 410 million on June 25, 2020. As a result of the transaction, Shanghai Worth will hold 57.5% stake in Warburg Energy. Shanghai Worth agrees to pay the first phase of the equity transfer price of CNY 30 million within 5 working days after the entry into force of this agreement. The remaining equity transfer price is the second-phase equity transfer price and shall be paid after the completion of the industrial and commercial change registration of the Warburg Energy's equity and no later than December 31, 2020. For the year ended December 31, 2019, Warburg Energy reported total assets of CNY 3.82 billion and owners’ equity of CNY 1.87 billion, revenue of CNY 1.22 billion, operational profit of CNY 620.01 million and net profit of CNY 489.63 million. The transaction is approved by board of directors of Shanghai Worth and subject to approval by shareholders of Shanghai Worth. Shanghai Worth Garden Products Co., Ltd. (SZSE:300483) completed the acquisition of an additional 7% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. on September 29, 2020. Shanghai Worth Garden Products Co., Ltd. controls 67.5% of the equity of Warburg Energy Development Limited through Tibet Wojin Energy Development Co., Ltd. and Ningbo Naiquer Equity Investment Partnership (Limited Partnership). Shanghai Worth Garden Products Co., Ltd. directly holds 30.30% equity in Warburg Energy Development Limited and Shanxi Huijing Enterprise Management Consulting Ltd. holds 8.29% equity in Warburg Energy Development Limited.