Zhejiang Wanliyang Co., Ltd. (SZSE:002434) signed the share acquisition framework agreement to acquire a 51% stake in Zhejiang Wanliyang Energy Technology Co., Ltd from Zhejiang Wanliyang Group Co., Ltd., and other individual sellers on November 24, 2021. Zhejiang Wanliyang Equity Transfer Agreement to acquire a 51% stake in Zhejiang Wanliyang Energy Technology Co., Ltd from Zhejiang Wanliyang Group Co., Ltd., and other individual sellers for approximately CNY 110 million on January 6, 2022. As part of the transaction, Zhejiang Wanliyang will acquire 51% stake from Wanliyang Group Co., Ltd., Wu Yuehua, Chen Weiqi, Xu Yifu, Zhou Cailiang, Zhang Yan, Wu Nan, Liu Mochen.

Following completion, Zhejiang Wanliyang Energy will be 51% held by Zhejiang Wanliyang, 32.8% by Zhejiang Wanliyang, 8.1% by Wu Yuehua, 4.9% by Chen Weiqi, 1.5% by Xu Yifu, 0.49% each by Wu Nan, Zhang Yan and Zhou Cailiang and 0.25% by Liu Mochen. Zhejiang Wanliyang Energy reported total assets of CNY 209.9 million, Net assets of CNY 111.7 million, Operating income of CNY 27.7 million and net profit of CNY 7.1 million for the year ended December 31, 2021. The fourth meeting of the fifth board of directors and the fourth meeting of the fifth board of supervisors held by Zhejiang Wanliyang approved the transaction and does not need to be submitted to the general meeting of shareholders for deliberation.