Wuxue City Investment Development Group Co., Ltd will acquire Wuxue Ruihua Disen New Energy Technology from Guangzhou Devotion Thermal Technology Co., Ltd. (SZSE:300335) for approximately CNY 210 million on July 29, 2022. The equity transfer payment to be paid by Wuxue City Investment Development Group Co., Ltd to Guangzhou Devotion Thermal Technology Co., Ltd. (SZSE:300335) for 100% equity of the target company is CNY 90 million and Wuxue City Investment Development Group Co., Ltd directly repays Guangzhou Devotion Thermal Technology Co., Ltd. the amount that Wuxue Ruihua Disen New Energy Technology owes to Guangzhou Devotion Thermal Technology Co., Ltd, amounting to CNY 118 million. As of December 31, 2021 Wuxue Ruihua Disen New Energy Technology reported a Turnover of CNY 57.705545 million and Total assets of CNY 143.380944 million, Total Common equity of CNY 5.730978 million and EBIT of CNY -0.027309 million and Net income of CNY -0.020125 million.

The transaction has already received approval of Guangzhou Devotion Thermal Technology Co., Ltd. Board of directors but the transaction needs to be approved by the companyÆs shareholders meeting.