Tianjin TEDA Electric Power Co., Ltd. entered into an agreement to acquire Tianjin Teda Tsinlien Electric Power Co., Ltd. from TEDA Investment Holding Co., Ltd. and Tianjin Development Holdings Limited (SEHK:882) on December 6, 2018. Prior to the transaction, Tianjin Development Holdings Limited holds 94.36% stake and TEDA Investment Holding Co., Ltd. holds 5.64% stake in Tianjin Teda Tsinlien Electric Power Co., Ltd. After the transaction, TEDA Investment Holding Co., Ltd. will hold 52.91% stake and Tianjin Development Holdings Limited will hold 47.09% stake in Tianjin TEDA Electric Power Co., Ltd. After the transaction, Tianjin TEDA Electric Power Co., Ltd will be the surviving entity and Tianjin Teda Tsinlien Electric Power Co., Ltd. will be dissolved. After the transaction, Tianjin Teda Tsinlien Electric Power Co., Ltd. will cease to be a subsidiary of Tianjin Development Holdings Limited. The scope of business of Tianjin TEDA Electric Power Co., Ltd will remain unchanged after completion. Tianjin Teda Tsinlien Electric Power Co., Ltd. reported net profit after tax of CNY 67.06 million in 2017. Tianjin Teda Tsinlien Electric Power Co., Ltd. reported net asset value of CNY 972.39 million as at December 31, 2017. After the transaction, the Board of Directors of Tianjin TEDA Electric Power Co., Ltd. shall consist of five Directors, among which, three shall be nominated by TEDA Investment Holding Co., Ltd. and two shall be nominated by Tianjin Development Holdings Limited. The supervisor of Tianjin TEDA Electric Power Co., Ltd. shall be nominated by TEDA Investment Holding Co., Ltd. The Chairman of the board, the General Manager and the Deputy General Manager of Tianjin TEDA Electric Power Co., Ltd shall be appointed by TEDA Investment Holding Co., Ltd. The transaction is subject to approval of shareholders of Tianjin Development Holdings Limited. Tsinlien Group Co., Ltd., parent of Tianjin Development Holdings Limited holding 62.81% stake in Tianjin Development Holdings Limited approved the transaction. The written approval of Tianjin Development Holdings Limited is accepted in lieu of holding a general meeting. The transaction is subject to Tianjin Development Holdings Limited having complied with all necessary requirements under the listing rules in respect of the merger and Tianjin TEDA Electric Power Co., Ltd having obtained the approval for the merger by the state-owned assets supervision and administration department or its authorised unit of the PRC government. As of December 6, 2018, the conditions have not been satisfied. Completion shall take place within 45 days after fulfillment of all the conditions precedent. Beijing China Enterprise Appraisals Co., Ltd. acted as the valuer in the transaction. Tricor Tengis Limited acted as registrar to Tianjin Development Holdings Limited.