Hepu Energy Environmental Technology Co., Ltd. announced that it has entered into a letter of intent agreement with Xizi Clean Energy Equipment Manufacturing Co.,ltd. on November 5, 2021. The company will issue common shares in the transaction. The investor will acquire 51% stake through the capital increase and share transfer. The company will raise the funding at a pre-money valuation of not more than CNY 3,000,000,000. The company will sign a purchase agreement within 3 months. The transaction was approved in the 12th Extraordinary Meeting of the 5th Directorate of the investor.

On February 8, 2022, the company signed the "Purchase Letter of Intent 'Extension Agreement,” agreeing to extend the signing of the agreement until June 30, 2022.