CSSC Science& Technology Co., Ltd (SHSE:600072) agreed to acquire a 10% stake in CSIC (Wuhan) Lingjiu Electronic Co., Ltd. for CNY 17.3 million on January 11, 2022. Under the terms, will issue 1.1759 million shares. In a related transaction, CSSC Science &Technology will acquire 88.6% stake in CSSC Group Wind Power Development Co., Ltd., 100% stake in CSIC Haizhuang Windpower Co., Ltd., CSIC Haiwei (Xinjiang) New Energy Co., Ltd, CSIC (Wuhan) Lingjiu Electronic Co., Ltd. and 44.64% stake in Luoyang Sunrui Wind Turbine Blade Co., Ltd. The transaction is subject to the second board of directors approval and the shareholders approval of CSSC Science &Technology, Internal Decision-Making Authorities? Approvals of National Civil-Military Integration Industrial and BoCom Financial Asset Investment, SASAC?s Approval, Anti-monopoly Bureau?s Concentration of Undertakings Review Approval, CSRC?s Approval and other Necessary Approvals and approved by the board of directors of CSSC Science &Technology and obtained SASAC?s agreement in principle. For the period December 31, 2022, CSIC (Wuhan) Lingjiu Electronic reported CNY 179.2065 million of total assets, CNY 126.567 million of net assets, CNY 83.1634 million of revenues and CNY 13.9686 million of net profit.

As of September 30, 2022, The board of CSSC Science& Technology has approved the acquisition through the Issuance of shares and cash and raising of supporting funds. As on November 16, 2022, The shareholders of CSSC Science & Technology has approved the deal at 1st Extraordinary Shareholders Meeting held on November 15, 2022. As on March 2, 2023, Proposal on this issuance of shares and payment of cash purchase assets and private placement for raising supporting funds and related transactions in compliance with relevant laws and regulations haven been approved. China International Capital Corporation Limited acted as financial advisor to CSSC Science& Technology Co., Ltd. As on July 5, 2023, Shanghai Stock Exchange M&A and Reorganization Review Committee?s have approved the deal. DeHeng Law Offices and Commerce & Finance Law Offices acted as legal advisor to CSSC Science& Technology. Grant Thornton China and BDO China SHU LUN PAN Certified Public Accountants LLP acted as accountant to CSSC Science& Technology.

CSSC Science& Technology Co., Ltd (SHSE:600072) completed the acquisition of a 10% stake in CSIC (Wuhan) Lingjiu Electronic Co., Ltd. on August 11, 2023.