Zhejiang Dongwang Times Technology Co., Ltd. (SHSE:600052) agreed to acquire additional 43.82% stake in ZHEJIANG JOLAN ENERGY SAVING TECHNOLOGY CO.,LTD. from Wang Juanjuan, Xu Genhua, Zhang Yuhe and Lu Junhong. for approximately CNY 160 million on November 10, 2022. Under the terms, Zhejiang Dongwang Times will acquire 13,582,500 shares in Zhejiang Zhenglan for CNY 12.1 per share.

Currently, Zhejiang Dongwang Times Technology holds 50.45% stake in ZHEJIANG JOLAN ENERGY SAVING. Transaction has been approved by Zhejiang Dongwang;s board of directors. For the period June 30, 2022, ZHEJIANG JOLAN ENERGY reported CNY 109.20 million of net assets and CNY 203.89 million of total assets.

As of November 29, 2022, the transaction is approved by shareholders of Zhejiang Dongwang Times Technology Co., Ltd.