Sun Shaojie agreed to acquire Hangzhou Hua Shi Pipeline Engineering Co., Ltd. and Zhejiang Guanmai Environmental Technology Co., Ltd from Xingyuan Environment Technology Co., Ltd. (SZSE:300266) for CNY 54.52 million on September 20, 2020. The relevant industrial and commercial changes will be completed within 20 working days. Sun Shaojie paid CNY 39.8 million for the equity transfer, the remaining CNY 14.7 million should be paid before January 31, 2022. As on January 11, 2021, Xingyuan Environment Technology Co., Ltd. intends to change some of the terms of the original agreement with Sun Shaojie, and re-sign the Equity Transfer Agreement, In view of the uncertainty in the recovery of the remaining equity transfer receivables. As per the revised terms Xingyuan Environment Technology Co., Ltd. will transfer 30.69% stake in Hangzhou Hua Shi Pipeline Engineering Co., Ltd for CNY 36.8 million and 30% stake in Zhejiang Guanmai Environmental Technology Co., Ltd for CNY 3 million. Within 20 working days after the completion of the relevant industrial and commercial changes, Sun Shaojie will pay the agreed transfer payment. For the year ended December 31, 2019, Hangzhou Hua Shi Pipeline Engineering Co., Ltd. reported total assets of CNY 73.4 million, net assets of CNY 63.9 million, revenue of CNY 48.7 million, total profit of CNY 12.06 million and net profit of CNY 10.2 million. As of September 30, 2020, total assets of CNY 62.7 million, net assets are CNY 57.6 million, operating income of CNY 3.49 million, total loss of CNY 10.36 million, and net loss of CNY 10.36 million. For the year ended December 31, 2019, Zhejiang Guanmai Environmental Technology Co., Ltd reported, total assets were CNY 8.04 million, net assets of CNY 5.2 million, operating income of CNY 5.2 million, total profits of CNY 0.76 million, and net profits were CNY 0.79 million. For the period ended September 30, 2020, total assets of CNY 5.5 million, net assets of CNY 4.4 million, and operating income of CNY 2.2 million, total loss of CNY 1.04 million, and net loss of CNY1.04 million.