Hangzhou Jingneng Huichu Enterprise Management Partnership (Limited Partnership) agreed to acquire 22.23% stake in Zhejiang Zhongguang New Energy Technology Co., Ltd from Xizi Clean Energy Equipment Manufacturing Co., Ltd. (SZSE:002534) for CNY 317.876 million on March 29, 2023. The Hangzhou Jingneng Huichu Enterprise Management Partnership (Limited Partnership) shall pay 10% of the equity transfer payment for the first time within 10 days signing this contract and remaining 90% within three years from the effective date of the Equity Transfer Agreement. For the year ended, December 31, 2022, Zhejiang Zhongguang New Energy Technology Co., Ltd total asset is CNY 1,25.302 million, net asset is CNY 1170.95million, renvenue is CNY 152.984 million, operating profit is CNY 45.8373 and net profit is CNY 42.1668 million.

This transaction was reviewed and approved at the seventh meeting of the fifth board of directors of the Xizi Clean Energy Equipment Manufacturing Co., Ltd.