Shanghai Electric Group Company Limited (SEHK:2727) agreed to acquire 13.34% stake in SuZhou THVOW Technology. Co. ,Ltd (SZSE:002564) from Chen Yuzhong for CNY 430 million on February 11, 2022.

Under the terms Shanghai Electric will acquire 116,000,000 shares for CNY 3.60 per share. Transfer price must be paid within 30 working days after the agreement signing and completion of transfer. Before this equity change Shanghai Electric directly holds 132,458,814 shares of the listed company, accounting for 15.24% of SuZhou THVOW Technology.

Co. ,Ltd. The number of shares in which Shanghai Electric holds equity interests (including direct shares and shares with voting rights) totals 263,748,888 shares, accounting for 30.34% of SuZhou THVOW Technology. Co.

,Ltd. After the equity change is completed, Shanghai Electric will directly hold 248,458,814 shares of the listed company, accounting for 28.58% . The number of shares in which Shanghai Electric holds equity interests (including direct shares and shares with voting rights) will still be 263,748,888 shares, accounting for 30.34% of SuZhou THVOW Technology. Co.

,Ltd.