Zhejiang Guangsha Co., Ltd. (SHSE:600052) agreed to acquire 50.5% stake in ZHEJIANG JOLAN ENERGY SAVING TECHNOLOGY CO.,LTD from group of sellers for approximately CNY 160 million on July 29, 2021. As per terms, Zhejiang Guangsha Co., Ltd. shall acquire 15.7 million shares of which 2.7 million shares held by Wang Juanjuan, accounting for 8.70%, 1.2 million shares held by Xu Genhua, accounting for 4.06%, 0.29 million shares held by Zhang Yuhe, accounting for 0.94%, 0.28 million shares held by Lu Junhong account for 0.91%, 7.9 million shares held by Hangzhou Yumu accounting for 25.69%, 1.25 million shares held by Hebei Jijiehao Investment Management Co., Ltd., accounting for 4.03%, 0.91 million shares held by Zhao Yunchi, accounting for 2.94%, 0.9 million shares held by Jiang Yaozhong, accounting for 2.90% 0.1 million shares held by Liu Fangsheng, accounting for 0.32% and 15,000 shares held by Peng Lihua, accounting for 0.05%. As of April 30, 2021, ZHEJIANG JOLAN ENERGY SAVING TECHNOLOGY CO.,LTD has reported total assets of CNY 171.31 million and net assets of CNY 68.48 million. The transaction is subject to obtaining approval from shareholders of Zhejiang Guangsha Co., Ltd. while its Board of Directors has approved the transaction. On August 11, 2021, the third meeting of the eleventh session of Zhejiang Guangsha Co., Ltd. board of directors deliberated and approved the “Proposal on Outward Investment and Related Party Transactions Plan. On August 27, 2021, State-owned Assets Supervision and Administration Office of Dongyang Municipal People’s Government has approved the transaction. The shareholders of Zhejiang Guangsha Co., Ltd. has also approved the transaction.