Shanghai Hengdian Industrial Co., Ltd. signed an Transfer of Equity agreement to acquire 80% stake in China Sinogy Electric Engineering Co.,Ltd. from SuZhou THVOW Technology. Co., Ltd. (SZSE:002564) for CNY 1 on November 20, 2023. As of June 30, 2023, China Sinogy Electric Engineering reported Total assets of CNY 14.07 billion and negative Total owners?

equity of CNY 3.25 billion. The transaction is approved by the board of SuZhou THVOW Technology and internal decision-making body of China Sinogy Electric Engineering and conditioned upon approval by the shareholders of SuZhou THVOW Technology and must be filed with the competent state-owned assets supervision department. Haitong Securities Co., Ltd. acted as financial advisor, Grandall Law Firm acted as legal advisor and Zhonghuan Haihua Certified Public Accountants Co., Ltd served as Accountant to SuZhou THVOW Technology.

Co., Ltd.