Guizhou Water Investment Co., Ltd agreed to acquire 18.073% stake in Panzhou Tianyu Water Conservancy Ecological Investment Co., Ltd. from TianYu Eco-Environment Co., Ltd. (SHSE:603717) for CNY 94.2 million on December 31, 2020. As of February 2, 2021, the relevant agreement has not been signed. As of February 3, 2021, Guizhou Water Investment Co., Ltd signed an agreement to acquire 18.073% stake in Panzhou Tianyu Water Conservancy Ecological Investment Co., Ltd. from TianYu Eco-Environment Co., Ltd. (SHSE:603717). Within five days from the effective date of this agreement, Guizhou Water Investment Co., Ltd shall pay TianYuEco-Environment Co., Ltd, 40% of the equity transfer price, which is CNY 37.67 million. TianYuEco-Environment Co., Ltd is responsible for coordinating and completing the items specified in Article 2.2.1, and within 1 day after confirmation by Panzhou Tianyu Water Conservancy Ecological Investment Co., Ltd., Guizhou Water Investment Co., Ltd shall pay 30% portion of the equity transfer price to TianYuEco-Environment Co., Ltd, which is CNY 28.3 million. After Guizhou Water Investment Co., Ltd pays the equity transfer price to TianYuEco-Environment Co., Ltd, TianYuEco-Environment Co., Ltd cooperates with Panzhou Tianyu Water Conservancy Ecological Investment Co., Ltd. to complete the change of legal representative, directors, supervisors, senior management and equity transfer Registration or filing of matters, etc. Panzhou Tianyu Water Conservancy Ecological Investment Co., Ltd. reported total assets of CNY 168.52 million and net assets of CNY 152.38 million for the year ended December 31, 2020. The transaction has been approved at the 19th meeting of the third board of directors of TianYu Eco-Environment Co., Ltd. The transaction does not need to be reviewed by the shareholders meeting. It is promised that the above-mentioned funds will be used in priority to deal with the construction funds and migrant workers' wages of the participating parties of the PPP project in northern Panzhou as of the closing date. Guizhou Water Investment Co., Ltd completed the acquisition of 18.073% stake in Panzhou Tianyu Water Conservancy Ecological Investment Co., Ltd. from TianYu Eco-Environment Co., Ltd. (SHSE:603717) on September 30, 2021.