Titan Wind Energy (Suzhou) Co.,Ltd (SZSE:002531) intends to acquire Jiangsu Changfeng Marine Equipment Manufacturing Co., Ltd. from Ji Guoqi for CNY 3 billion on December 7, 2022. Upon completion, Jiangsu Changfeng Marine Equipment Manufacturing will become the wholly owned subsidiary of Titan Wind Energy (Suzhou) Co.,Ltd. For the period ended December 31, 2021, Jiangsu Changfeng reported total assets of CNY 2 billion, Net assets of CNY 592 million, operating income of CNY 2.05 billion, and Net profit of CNY 219 million. Transaction is subject to due diligence consummation.

Titan Energy board has approved the acquisition.