Xinjiang Dongfang Huanyu Investment (Group) Co., Ltd. entered into an agreement to acquire Xinjiang East Universe New Energy Co., Ltd. from Xinjiang East Universe (Group) Gas Co., Ltd. (SHSE:603706) for CNY 37 million on August 5, 2020. The consideration will be paid in two installments. Xinjiang Dongfang will pay 20% of the consideration within 30 working days after the equity transfer agreement becomes effective and once the equity transfer has completed market supervision procedures, within three months from the date of change of registration by the administrative department, Xinjiang Dongfang shall pay 80% of the transaction price. For the year ended December 31, 2019, Xinjiang East Universe New Energy reported total assets of CNY 38.7 million, net assets of CNY 36.97 million and net profit of CNY 0.1 million.