Jiangsu Tongrun Equipment Technology Co.,Ltd (SZSE:002150) entered into agreement to acquire Wenzhou Angtai Power System Co., Ltd. from Zhejiang Chint Electrics Co., Ltd. (SHSE:601877), Shanghai Zhizhe Management Consulting Center (Limited Partnership) and Shanghai Chuofeng Management Consulting Center (Limited Partnership) for CNY 840.3 million on February 14, 2023. The consideration will be paid in two parts where half of the consideration will be paid within five working days of signing the transaction and within six months of closing the transaction other half will be paid. Wenzhou Angtai Power System recorded total assets of CNY 1.49 billion and net assets of CNY 421.14 million as of October 31, 2022.

The transaction is subject to approval from Board of Directors of Jiangsu Tongrun Equipment Technology Co.,Ltd, shareholders of Wenzhou Angtai Power System Co., Ltd., Board of Directors of Zhejiang Chint Electrics Co., Ltd., approval from anti-monopoly review of the concentration of operators by the State Administration for Market Regulation and shareholders of Jiangsu Tongrun Equipment Technology Co.,Ltd. Zhang Jun, Zhao Lichen and Wang Wei of Grandall Law Firm acted as legal advisors, Wu Yixin and Ge Aiping of Pan-China Certified Public Accountants LLP and Guotai Junan Securities Co., Ltd. acted as financial advisors for Jiangsu Tongrun Equipment Technology Co.,Ltd.