Ningxia Dongyi Magnesium Industry Co., Ltd. agreed to acquire Yinchuan Dynamic Power Energy Saving Services Co., Ltd. from Beijing Dynamic Power Co.,LTD (SHSE:600405) for CNY 35 million on January 2, 2020. As part of the transaction, Ningxia Dongyi will repay the debts of CNY 33.85 million as of December 31, 2019 for Yinchuan Dynamic. Ningxia Dongyi shall pay Beijing Dynamic Power Co.,LTD and Yinchuan Dynamic a total of CNY 35 million in equity transfer and debt settlement. Among them, CNY 33.85 million shall be paid to Yinchuan Dynamic's designated account, and Yinchuan Dynamic shall use the above amount to pay off its debt to the company and the contractor; and CNY 1.15 million shall be paid to the designated account of the company as the equity transfer payment. For the year ended December 31, 2019, Yinchuan Dynamic Power Energy Saving Services Co., Ltd. reported total assets of CNY 34.25 million, net assets of CNY 0.27 million, revenue of CNY 2.42 million and net profit of CNY 0.07 million. The proposal has been approved at the 8th meeting of the 7th directorate of Beijing Dynamic Power Co.,LTD on January 2, 2020, and does not need to submit to the shareholders’ meeting. Ningxia Dongyi Magnesium Industry Co., Ltd. cancelled the acquisition of Yinchuan Dynamic Power Energy Saving Services Co., Ltd. from Beijing Dynamic Power Co.,LTD (SHSE:600405) on January 2, 2021.