Wenquan Kaiyue Mining Investment Co., Ltd. agreed to acquire Wenquan County Xinsai Mining Co., Ltd. from Xinjiang Sayram Modern Agriculture Co., Ltd (SHSE:600540) for CNY 54 million on July 25, 2022. After the signing of the contract, Wenquan Kaiyue Mining Investment will pay first paid 30% of the total price with a deposit of CNY 16.2 million in advance. The remaining 70% of the price shall be paid in batches before December 31, 2023, that is, 20% of the total price shall be paid before June 30, 2023, which is 10.8 million, the remaining price shall be paid before December 31, 2023, which is CNY 27 million.

The board of Xinjiang Sayram Modern Agriculture has approved the deal on July 25, 2022. The shareholders of Xinjiang Sayram Modern Agriculture has approved the deal on August 11, 2022. The board of Xinjiang Sayram Modern Agriculture has approved the deal on April 12, 2023 and still needs to be submitted to Xinjiang Sayram Modern Agriculture's general meeting of shareholders for deliberation.

The parties have entered into a supplementary agreement, Wenquan Kaiyue Mining Investment has paid 30% of the equity transfer price, that is, CNY 16.2 million to the designated account of Xinjiang Equity Exchange in the form of deposit, both parties agree to follow Wenquan Kaiyue Mining Investment's The amount of the security deposit will be deducted equally from the equity transfer payment, that is, Wenquan Kaiyue Mining Investment has paid the equity transfer payment of CNY 16.2 million. Xinjiang Property and Equity Exchange will remit the above 30% equity transfer funds to the account designated by Xinjiang Sayram Modern Agriculture. The remaining 70% of deal value which is CNY 37.8 million within one year after this agreement becomes effective, that is, before December 31, 2023.

Wenquan Kaiyue Mining Investment shall pay 20% of the equity transfer price before June 30, 2023, which is CNY 10.8 million, before December 31, 2023, Wenquan Kaiyue Mining Investment pay the remaining equity transfer payment, which is CNY 27 million. As of May 5, 2023, shareholders of Xinjiang Sayram Modern Agriculture Co., Ltd (SHSE:600540) approved the merger.