Hunan Xing Xiang Asset Management Co., Ltd. agreed to acquire XEMC Windpower CO. LTD. from Xiangtan Electric Manufacturing Co. Ltd. (SHSE:600416) for approximately CNY 920 million on June 29, 2020. Hunan Xing Xiang Asset Management Co., Ltd. paid a deposit of CNY 50 million on time in accordance with the Hunan Province United Property Rights Exchange. Shareholders of Xiangtan Electric Manufacturing Co. Ltd. approved the transaction. Hunan Xing Xiang Asset Management Co., Ltd. completed the acquisition of XEMC Windpower CO. LTD. from Xiangtan Electric Manufacturing Co. Ltd. (SHSE:600416) on July 30, 2020.