Sichuan Development Holding Co.,Ltd. agreed to acquire a 51.60% stake in Sichuan Shengtian New Energy Development Co., Ltd for approximately CNY 970 million on June 17, 2022. The consideration will be paid by own funds. As of year ended March 31, 2022, Sichuan Shengtian New Energy Development Co., Ltd reported total assets of CNY 5,039.3 million.

As of July 14, 2022. Leshan Electric Power Co., Ltd passed a proposal with 100% approval on giving up the right of first refusal of equity of Sichuan Shengtian New Energy Development Co., Ltd. The transaction has been approved by Sichuan Development. The transaction plan has been reviewed and approved by the shareholders meeting of Chengdu Xinzhu Road&Bridge Machinery Co.,LTD. The transaction is subject to approval by regulatory board/committee.

As of August 11, 2022 Regulatory board approved te deal. Yang Bo and Wang Hongen of Beijing Kang Da Law Firm acted as a legal adviser Leshan Electric Power Co., Ltd on giving up the right of first refusal of equity of Sichuan Shengtian New Energy Development Co., Ltd. CITIC Securities Company Limited (SHSE:600030) acted as financial advisor, King & Wood Mallesons, China acted as legal advisor and Wuyige Certified Public Accountants LLP acted as accountant to Chengdu Xinzhu Road&Bridge Machinery Co.