Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd. agreed to acquire 15.24% stake in Hualing Xingma Automobile (Group) Co., Ltd. (SHSE:600375) from Anhui Xingma Automobile Group Co., Ltd. and Maanshan Huakun Construction Material Industry Co., Ltd.for approximately CNY 440 million on June 12, 2020. Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd. entered into an agreement to acquire 15.24% stake in Hualing Xingma Automobile (Group) Co., Ltd. from Anhui Xingma Automobile Group Co., Ltd. and Maanshan Huakun Construction Material Industry Co., Ltd. on July 22, 2020. Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd. will acquire 84.68 million shares at CNY 5.14 per share for a total of CNY 435.26 million. Zhejiang Geely New Energy will acquire 10.9% stake from Maanshan Huakun Construction Material Industry Co., Ltd. for CNY 311.2 million and 4.3% stake from Anhui Xingma Automobile Group Co., Ltd. for CNY 124 million. Zhejiang Geely New Energy will pay 30% of the price within the signing of the agreement to both the sellers and the remaining 70% after getting the necessary approvals. This share transfer is approved by the competent state-owned assets supervision and management department And the relevant departments approve the declaration of concentration of undertakings for this share transfer as the effective condition. As of August 7, 2020, the transaction has approved by the state-owned assets supervision and administration commission (SASAC) of the people's government of Anhui Province. Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd. completed the acquisition of 15.24% stake in Hualing Xingma Automobile (Group) Co., Ltd. (SHSE:600375) from Anhui Xingma Automobile Group Co., Ltd. and Maanshan Huakun Construction Material Industry Co., Ltd. on September 17, 2020. After the acquisition, Hualing Xingma Automobile (Group) Co., Ltd., controlling shareholder was changed from Anhui Xingma Automobile Group Co., Ltd. to Zhejiang Geely New Energy Commercial Vehicle Group Co., Ltd., and the actual controller of the Hualing Xingma Automobile (Group) Co., Ltd. was changed from Ma’anshan Municipal People’s Government to Mr. Li Shufu.