Gree Electric Appliances, Inc. of Zhuhai (SZSE:000651) signed a share transfer agreement to acquire 29.48% stake in Zhejiang Dun'an Artificial Environment Co., Ltd (SZSE:002011) from Zhejiang DunAn Jinggong Group Co., Ltd. for CNY 2.2 billion on November 16, 2021. As per terms, Gree Electric Appliances, Inc. of Zhuhai shall acquire 270.36 million shares at CNY 8.10 per share. In a related transaction, Gree Electric Appliances will acquire 139.4 million shares in a private placement transaction.

After the share transfer and private placement, Gree Electric Appliances, Inc. of Zhuhai will hold 409,774,802 shares, 38.78% stake. The transaction has been approved in the 17th Meeting of 7th Directorate and the 15th Meeting of the 7th Supervisory Board of Zhejiang Dun'an Artificial and is subject to the approvals of its shareholders and the China Securities Regulatory Commission and the State Administration for Market Regulation's Anti-Monopoly Review of Concentration of Business Operators. The proceeds will be used as a supplement working capital and repayment of bank loans.

Huatai United Securities Co., Ltd. acted as financial advisor and Fangda Partners acted as legal advisor to Zhejiang Dun'an Artificial Environment.