Zhejiang Chenfeng Technology Co., Ltd. (SHSE:603685) agreed to acquire Tongliao Wangtian New Energy Development Co., Ltd and Tongliao Guangxing Power Generation Co., Ltd from Liaoning Huanuo New Energy Co., Ltd on May 7, 2023. Consideration will be paid in cash. The total transaction amount shall not exceed CNY 360 million. 50% of the equity transfer payment shall be paid within 1 month after the target equity is transferred to Party A's name, and the remaining 50% of the equity transfer payment shall be paid within 6 months after the target equity is transferred to Party A's name. In related transaction Zhejiang Chenfeng Technology Co., Ltd. also agreed to acquire Liaoning Jinqilin New Energy Technology, Liaoning Guosheng Power Development Co., Ltd and Naiman Banner Guangxing Power Distribution Co., Ltd Co., Ltd from Guosheng Power Sales Co and others on May 7, 2023. The parties will sign a supplementary agreement to confirm the value of the target equity

For the year ended, March 31, 2023, Tongliao Wangtian New Energy Development Co., Ltd and Tongliao Guangxing Power Generation Co., Ltd had total asset is approximately CNY 453 million and net asset is CNY 68.7 million. The transaction was approved by Zhejiang Chenfeng Technology Co., Ltd first interim meeting of the third board of directors and third board of supervisors.

Zhejiang Chenfeng Technology Co., Ltd. (SHSE:603685) completed the acquisition of Tongliao Wangtian New Energy Development Co., Ltd and Tongliao Guangxing Power Generation Co., Ltd from Liaoning Huanuo New Energy Co., Ltd effective September 26, 2023.