Zhejiang Zheneng Electric Power Co., Ltd. (SHSE:600023) and Zhejiang Zheneng Green Power Development Co., Ltd. agreed to acquire Hebei Xinhualong Technology Co., Ltd. from Shi Jianhui for CNY 80 million on August 16, 2021. Zhejiang Zheneng Electric Power Co., Ltd. will acquire 75% for 60 million and 25% will be acquired by Zhejiang Zheneng Green Power Development Co., Ltd. for CNY 20 million. In a related transaction, Zhejiang Zheneng Electric Power Co., Ltd. and Zhejiang Zheneng Green Power Development will carry out Hebei Xinhualong Technology Co., Ltd.’s capital increase of CNY 190 million wherein Zhejiang Zheneng Electric Power will invest CNY 142.5 million and Zhejiang Zheneng Green Power Development Co., Ltd. will invest CNY 47.5 million. For the year ended on May 31, 2021, Hebei Xinhualong Technology reported total assets of and Net assets of CNY 6.0343 million. As of August 16, 2021, Zhejiang Provincial board at 24th Meeting of the 1st Directorate has approved the deal.