Zhao Minhai signed a Share Transfer Agreement to acquire a 10.12% stake in Wuxi New Hongtai Electrical Technology Co.,Ltd (SHSE:603016) from Zhao Hanxin for approximately CNY 280 million on July 26, 2022. As part of the transaction, Zhao Minhai will acquire 15 million shares at a price of 18.81 per share. The total consideration is CNY 282.15 million, of which 50% of the consideration will be paid within 10 working days of the agreement and the remaining 50% within 30 working days from the date of the transfer registration of the shares under this agreement and obtaining the "Securities Transfer Registration Confirmation" or other similar documents. Post completion, Zhao Hanxin will hold 11,654,650 shares, accounting for 7.87% stake and Zhao Minhai will hold 26,250,000 shares, accounting for 17.72% stake in Wuxi New Hongtai Electrical.

Zhao Minha completed the acquisition of a 10.12% stake in Wuxi New Hongtai Electrical Technology Co.,Ltd (SHSE:603016) from Zhao Hanxin on September 9, 2022.