Xinjiang Tianfu Energy Co., Ltd. (SHSE:600509) entered into a letter of intent to acquire additional 2.31% stake in TanKeBlue Semiconductor Co.,Ltd from Xinjiang Tianfu Group Co., Ltd for approximately CNY 120 million on January 11, 2021. Under the terms Xinjiang Tianfu Energy Co., Ltd will acquire 5 million shares for CNY 25 per share. The consideration is paid in cash. Xinjiang Tianfu Energy Co., Ltd intends to pay the entire equity transfer price of CNY 125 million within 5 working days from the effective date of the agreement. Prior to the acquisition Xinjiang Tianfu Energy Co., Ltd. holds 3.7% stake and Xinjiang Tianfu Group Co., Ltd holds 20.57% stake in TanKeBlue Semiconductor Co.,Ltd. Post completion, Xinjiang Tianfu Group Co., Ltd will hold 18.25% stake and Xinjiang Tianfu Energy Co., Ltd. will hold 6.02% stake in TanKeBlue Semiconductor Co.,Ltd. The transaction has been reviewed and approved at the 41st meeting of the sixth board of directors of Xinjiang Tianfu Energy Co., Ltd., and does not require shareholders approval.