Snowsky Salt Industry Group Co., Ltd. (SHSE:600929) agreed to acquire Chongqing Xiangyu Salt Chemical Co., Ltd. from Hunan Province Light Industry & Salt Industry Group Co.,Ltd., Hunan Light Salt Shengfu Salt Chemical Industry Private Equity Fund Partnership (Limited Partnership and Valin Jinshan (Tianjin) Industrial Investment Fund Partnership (Limited Partnership) for CNY 1.9 billion on March 4, 2021. As per the article on September 2, 2021, Snowsky Salt is paying amount of CNY 1,927,889,100 through 416,390,733 shares. As of December 31, 2020, Chongqing Xiangyu Salt had net assets of CNY 1.5 billion and total assets of CNY 2.5 billion. In 2020, Chongqing Xiangyu Salt generated revenue of CNY 2 billion and profit of CNY 204 million. As per the article on September 2, 2021, The formal plan of this transaction was reviewed and approved by the counterparty's internal decision-making body. Transaction is subject to approval by Hunan Provincial SASAC and shareholders of Snowsky Salt. Board of Snowsky Salt approved the transaction. The deal is approved by the shareholders of Snowsky Salt Industry Group Co., Ltd. On July 8, 2021, Snowsky Salt Industry Group Co., Ltd. received the approval from Hunan Provincial State-owned Assets Supervision and Administration Commission. As of November 24, 2021, the transaction has been conditionally reviewed and approved by the China Securities Regulatory Commission's Listed Companies Mergers and Acquisitions Review Committee. As of December 17, 2021, Snowsky Salt Industry Group Co., Ltd. received the China Securities Regulatory Commission hereinafter referred to as the Hunan Province Light Industry & Salt Industry Group Co., Ltd., etc. Issued Shares to Purchase Assets Application Approval. Approve Hunan Province Light Industry & Salt Industry Group Co.,Ltd. to issue 299,292,631 shares, Hunan Province Light Industry &Salt Industry Group Co., Ltd., to issue 95,578,867 shares to Hunan Province Light Salt Shengfu Salt Chemical Industry Private Equity Fund Partnership (Limited Partnership), and to Hualing Jinshan (Tianjin) Industrial Investment Fund Partnership (Limited Partnership) Issue 21,519,235 shares to purchase related assets.

China Commercial Law Firm acted as legal advisor and Ping An Securities Co., Ltd. acted as financial advisor and Baker Tilly China Certified Public Accountants acted as accountant to Snowsky Salt Industry Group Co., Ltd. in the deal.

Snowsky Salt Industry Group Co., Ltd. (SHSE:600929) completed the acquisition of Chongqing Xiangyu Salt Chemical Co., Ltd. from Hunan Province Light Industry & Salt Industry Group Co.,Ltd., Hunan Light Salt Shengfu Salt Chemical Industry Private Equity Fund Partnership (Limited Partnership and Valin Jinshan (Tianjin) Industrial Investment Fund Partnership (Limited Partnership) on December 24, 2021.