Risun Holding Co., Ltd. entered into Share Transfer Agreement to acquire 20% stake in Tianjin Binhai Energy & Development Co.,Ltd (SZSE:000695) from Tianjin Jingjin Culture Media Development Co., Ltd. for CNY 600 million on October 28, 2021. Under terms of agreement, Risun Holding will acquire 4.4 million share at price of CNY 13.5 per share. The initial consideration of CNY 180 million paid by the transferee will automatically be converted into a part of the share transfer price after this agreement takes effect.

Within 5 working days from the date of review and approval of the Municipal Cultural Reform Office, the transferee shall pay the remaining share transfer amount in full at one time, that is CNY 420 million. The source of funds for this acquisition is Risun Holding's own funds. As of the date of this announcement, 27,768,442 shares of the company held by Jingjin Culture are still in pledge status, accounting for 12.50% of the company's total share capital.

If the pledged shares involved do not meet the delivery conditions in time, there is still uncertainty in this transaction .The implementation of this transaction still needs to obtain the approval of the Tianjin Municipal Cultural System Reform and Development Leading Group Office, pass the anti-monopoly review by the State Administration of Market Supervision and Administration on the concentration of undertakings and obtain the compliance confirmation from the Shenzhen Stock Exchange. Related parties are preparing for the implementation of relevant approval procedures.