Deqing Lianchuang Sci-tech New City Construction Co., Ltd., Huzhou Communications Investment Group Co.,Ltd, Huzhou Dongxin Logistics Service Co., Ltd., Huzhou Xinyu Silk Weaving Co., Ltd. and Zhejiang Zhongxin Wool Textile Co., Ltd. agreed to acquire a 12.5% stake in Bank of Huzhou Co.,Ltd. from MeiDu Energy Corporation (SHSE:600175) for approximately CNY 400 million on June 14, 2019. Payment will be made in one single installment immediately after transfer of equity. MeiDu Energy Corporation will sell 114 million shares of Bank of Huzhou Co.,Ltd. Huzhou Communications Investment Group Co.,Ltd and Deqing Lianchuang Technology New City Construction Co., Ltd will acquire 45.5 million shares each, Huzhou Dongxin Logistics Service Co., Ltd. and Huzhou Xinyu Silk Weaving Co., Ltd. will acquire 8 million shares each and Zhejiang Zhongxin Wool Textile Co., Ltd. will acquire 7 million shares. The transaction does not need approval from the shareholders. The counterparties needs to report to the relevant departments for approval. The Board of Directors of MeiDu Energy Corporation has approved the transaction. Deqing Lianchuang Sci-tech New City Construction Co., Ltd., Huzhou Communications Investment Group Co.,Ltd, Huzhou Dongxin Logistics Service Co., Ltd., Huzhou Xinyu Silk Weaving Co., Ltd. and Zhejiang Zhongxin Wool Textile Co., Ltd. cancelled the acquisition of a 12.5% stake in Bank of Huzhou Co.,Ltd. from MeiDu Energy Corporation (SHSE:600175) on June 14, 2020.