Yingde Investment (Shanghai) Co, Ltd signed a conditional and effective Equity Transfer Agreement to acquire 51% stake in Shanghai Yuanhan Energy Technology Co., Ltd from Xinjiang Haoyuan Natural Gas Co. ,Ltd. (SZSE:002700) for CNY 220 million on July 18,2022. As of December 31, 2021,Shanghai Yuanhan Energy Technology Co., Ltd reported revenues of CNY 25.1214 million and Total assets of CNY 212.5561 million and Total common equity of CNY 198.457 and Net income of CNY -86.1669 million.

The transaction was already approved by board of directors. On July 21, 2022, Xinjiang Haoyuan Natural Gas Co. ,Ltd. received the first equity transfer payment of RMB 44 million from Yingde Investment (Shanghai) Co, Ltd.