Pacific Mechatronic (Group) Co., Ltd. agreed to acquire 98% stake in Zhanghuaji Ili Heavy Equipment Manufacture Co., Ltd. from SuZhou THVOW Technology. Co. ,Ltd (SZSE:002564) for approximately CNY 220 million on September 4, 2020. The consideration is based on the estimated value of Zhanghuaji Ili Heavy Equipment Manufacture's net assets of CNY 219.6455 million as of June 30, 2020. For the period ended December 31, 2019, Zhanghuaji Ili Heavy Equipment Manufacture generated total assets of CNY 234.29 million, net assets of CNY 215.9 million, revenue of CNY 0 and net loss of CNY 6.9 million. The transaction has been approved by the Board of Directors of Shanghai Electric (Group) Corporation. The transaction is approved by board of directors of SuZhou THVOW. As on September 24, 2020, the transaction is approved by shareholders of SuZhou THVOW. Zhonghua Certified Public Accountants LLP acted as an accountant for SuZhou THVOW Technology. Co. ,Ltd. Pacific Mechatronic (Group) Co., Ltd. completed the acquisition of 98% stake in Zhanghuaji Ili Heavy Equipment Manufacture Co., Ltd. from SuZhou THVOW Technology. Co. ,Ltd (SZSE:002564) on December 30, 2021.