The Board of Concord New Energy Group Limited announced that on 20 July 2020, Haotai New Energy Equipment Ltd. (the Purchaser) entered into the Purchase Contract with Xinjiang Goldwind Science & Technology Co., Ltd. (the Supplier), pursuant to which the Purchaser shall purchase the Wind Power Equipment at the Consideration. Assets to be purchased: a set of wind power electricity generation equipment for the wind power project of the Group situated in Jilin Province of the PRC, including wind turbines, electricity generation systems, control systems hardware and software, ancillary equipment and etc. Consideration: approximately RMB 195.99 million (approximately HKD 215.37 million), being the consideration payable by the Purchaser under the Purchase Contract, comprising fees in relation to, technical support services and technical training to be provided by the Supplier, tax payment, delivery, insurance costs and other miscellaneous charges. The Consideration is agreed after arm's length negotiation by the Purchaser and the Supplier with reference to the market unit price and quantity of each machinery, equipment or forming part of the Wind Power Equipment. The Consideration shall be paid by the Purchaser by instalments based on the stages of completion of the Purchase Contract. The Consideration shall be payable in cash, which will be financed by internal resources of the Group and/or borrowings. Within 15 days from the date of the Purchase Contract, the Supplier shall pay to the Purchaser 10% of the Consideration as irrevocable performance guarantee for any breach of its obligations under the Purchase Contract, which shall be refunded to the Supplier within 30 days upon entering into the warranty period of the Wind Power Equipment.