Kangqi Assets Wuwei No. 2 Private Equity Securities Investment Fund, managed by Guangzhou Kangqi Asset Management Center (Limited Partnership) completed the acquisition of a 5.5% stake in Red phase INC. from Wolong Electric Group Co.,Ltd..

Kangqi Assets Wuwei No. 2 Private Equity Securities Investment Fund, managed by Guangzhou Kangqi Asset Management Center (Limited Partnership) agreed to acquire 5.5% stake in Red phase INC. (SZSE:300427) from Wolong Electric Group Co.,Ltd. (SHSE:600580) for approximately CNY 340 million on February 1, 2023. Post completion, Wolong Electric Group Co.,Ltd. will hold 6.94% stake and Kangqi Assets Wuwei No. 2 will hold 5.5% stake in Red phase.

Kangqi Assets Wuwei No. 2 Private Equity Securities Investment Fund, managed by Guangzhou Kangqi Asset Management Center (Limited Partnership) completed the acquisition of a 5.5% stake in Red phase INC. (SZSE:300427) from Wolong Electric Group Co.,Ltd. (SHSE:600580) on February 15, 2023.