Elion Energy Company Limited (SHSE:600277) signed the share transfer agreement to acquire Zhangjiakou Yiyuan New Energy Development Company Limited from Elion Resources Group Limited for approximately CNY 200 million on February 27, 2020. As per terms of consideration, Elion Energy Company Limited will pay 50% of the cash consideration within 30 days from the date of share transfer agreement and remaining 50% of the cash consideration within 15 days after completing the industrial and commercial change. In a related transaction, Elion Energy Company Limited signed the share transfer agreement to acquire 60% stake in Zhangjiakou Jingzhang Yingbinlang Road Ecological Energy Co., Ltd. from Elion Resources Group Limited for approximately CNY 520 million on February 27, 2020. For the year ended December 31, 2019, Zhangjiakou Yiyuan New Energy Development Company Limited reported total assets of CNY 442.2 million, net assets of CNY 199.9 million, total revenues of CNY 84.7 million and net income of CNY 42.8 million. The transaction is subject to approval from the shareholders of Elion Energy Company Limited. The board of directors of Elion Energy Company Limited approved the transaction in the 41st session of 7th directorate. As on April 2, 2020, Elion Energy Company received the relevant notifications stating that the equity pledge of Zhangjiakou Yiyuan New Energy Development has been completed. Therefore, the acquisition will be submitted to the Company's first extraordinary general meeting of shareholders for 2020, which will be held on April 15, 2020. Elion Energy Company Limited (SHSE:600277) cancelled the acquisition of Zhangjiakou Yiyuan New Energy Development Company Limited from Elion Resources Group Limited on February 27, 2021.