Wuxi Huaguang Environment & Energy Group Co.,Ltd. (SHSE:600475) agreed to acquire 49% stake in China Resources GCL (Beijing) Thermal Power Co., Ltd. from Usual Win Limited and GCL Smart Energy Co. Ltd. for approximately CNY 280 million on March 24, 2023. GCL Smart Energy (Suzhou) will sell 24% and Usual Win 25% in China Resources GCL (Beijing).

In this transaction, GCL Smart Energy (Suzhou) will sell 24% stake and Usual Win will sell 25% stake in China Resources GCL (Beijing) Thermal Power. Within 7 working days after the agreement becomes effective, Wuxi Huaguang Environment & Energy Group will pay GCL Smart Energy CNY 68.9143 million. Within 7 working days after the delivery date, Wuxi Huaguang Environment & Energy Group will pay GCL Smart Energy (Suzhou) CNY 68.9143 million.

Within 1 month after the delivery date, Wuxi Huaguang Environment & Energy Group will pay Usual Win CNY 143.5714 million. China Resources GCL (Beijing) Thermal Power has reported Total Assets of CNY 416.770479 million and net assets of CNY 351.438055 million on June 30, 2022. The board has approved the deal on March 24, 2023 and do not need the Shareholders' Approval.

As of May 31, 2023, the company already completed the registration modification procedures for the 49% stake in China Resources GCL.