Tech-Bank Food Co., Ltd. (SZSE:002124) agreed to acquire a 97% stake in Juancheng Silk Road East Photovoltaic Agriculture Co., Ltd. from Shandong Silk Road East Photovoltaic Agricultural Development Co., Ltd. for approximately CNY 710 million on December 16, 2020. Under the terms of the transaction, Tech-Bank will pay the consideration in installments, of which 30% of the total transfer price will be used as the first phase of property transfer price and the remaining payment shall be paid before December 23, 2021. The first phase of transfer price has been paid. In a related transaction, Tech-Bank also agreed to acquire the remaining 3% stake in Juancheng Silk Road East Photovoltaic Agriculture Co., Ltd. from Heze Urban Construction Group for CNY 23.3 million. Juancheng Silk Road reported total assets of CNY 1.3 billion and net assets of approximately CNY 720 million in the year ending on October 15, 2020. The transaction was approved by the Board of Directors of Tech-Bank. Tech-Bank Food Co., Ltd. (SZSE:002124) completed the acquisition of a 97% stake in Juancheng Silk Road East Photovoltaic Agriculture Co., Ltd. from Shandong Silk Road East Photovoltaic Agricultural Development Co., Ltd. on December 29, 2020.