Elion Energy Company Limited (SHSE:600277) entered into an agreement to acquire 60% stake in Zhangjiakou Jingzhang Yingbinlang Road Ecological Energy Co., Ltd. from Elion Resources Group Limited for approximately CNY 520 million on February 27, 2020. The parties agree that within 30 days the effective date of the Equity Transfer Agreement signed between the parties, Elion Energy Company Limited shall pay Elion Resources Group Limited 50% of the cash consideration corresponding to the underlying equity, and shall pay the remaining 50% of the cash consideration within 15 days after completing the industrial and commercial change. In a related transaction, Elion Energy Company Limited entered into an agreement to acquire Zhangjiakou Yiyuan New Energy Development Co., Ltd. from Elion Resources Group Limited for approximately CNY 200 million. For the year ended December 31, 2019, Zhangjiakou Jingzhang Yingbinlang Road Ecological Energy Co., Ltd. reported total assets of CNY 2.1 billion, total common equity of CNY 872.3 million, total revenues of CNY 244.4 million and net income of CNY 113.5 million. The transaction is subject to the approval of the shareholders of Elion Energy Company Limited. The transaction was approved by the 41st session of Elion Energy Company Limited's 7th directorate. Zhangjiakou Jingzhang Yingbinlang Road Ecological Energy Co., Ltd.'s shareholders meeting approved for Elion Resources Group Limited to transfer its 60% stake in Zhangjiakou Jingzhang Yingbinlang Road Ecological Energy Co., Ltd. to Elion Energy Company Limited. Elion Energy Company Limited (SHSE:600277) cancelled the acquisition of 60% stake in Zhangjiakou Jingzhang Yingbinlang Road Ecological Energy Co., Ltd. from Elion Resources Group Limited on February 27, 2021.