Hangzhou New SKIO Electric Vehicle Co., Ltd. entered into an agreement to acquire 30% stake in Zhejiang SKIO Energy Technology Co., Ltd. from Tianjin Motor Dies Co., Ltd. (SZSE:002510) for approximately CNY 160 million on April 20, 2021. As reported, within one week after the agreement takes effect, a payment of CNY 20 million for equity transfer shall be paid; a payment of CNY 61 million for the equity transfer shall be paid within 60 days after the agreement comes into effect and the remaining equity transfer payment of CNY 80.9 million shall be paid within 120 days after the completion of the industrial and commercial registration of the equity change. Following the transaction, Tianjin Motor Dies Co., Ltd. will not hold any stake in Zhejiang SKIO Energy Technology Co., Ltd. For the year ended December 31, 2020, Zhejiang SKIO Energy Technology Co. reported total assets of CNY 1 billion, net assets of CNY 545 million, revenue of CNY 20.9 million, operational loss of CNY 12.6 million and net loss of CNY 82.8 million. The transaction was approved by the seventh meeting of the fifth Board of Directors of Tianjin Motor Dies Co., Ltd. on April 20, 2021. Internal approvals by Hangzhou New SKIO Electric Vehicle Co. and Zhejiang SKIO Energy Technology Co. have been obtained for the transaction.