Huadian Heavy Industries Co., Ltd. (SHSE:601226) signed an equity transfer agreement to acquire Huadian Zhengzhou Machinery Design & Research Institute Co., Ltd. from China Huadian Science and Industry Group Co., Ltd. for approximately CNY 410 million on December 6, 2019. The consideration will be paid in cash. Within 10 working days after this agreement takes effect, Huadian Heavy Industries shall pay the purchase price of CNY 331.8844 million to the bank account designated by China Huadian Science and Industry Group Co., Ltd. and within 10 working days from the date of delivery, Huadian Heavy Industries specifies shall pay the remaining purchase price CNY 82.9711 million.

As of December 31, 2019, Huadian Zhengzhou Machinery Design & Research Institute Co., Ltd. reported total assets of CNY 895 million and net assets of CNY 360 million. For the year ended December 31, 2019, Huadian Zhengzhou Machinery Design & Research Institute Co., Ltd. reported revenue of 615 million and net profit of CNY 10.4 million. The 17th extraordinary meeting of the Huadian Heavy Industries' third directorate and the eleventh extraordinary meeting of the third board of supervisors reviewed and approved the transaction.

Huadian Heavy Industries Co., Ltd. (SHSE:601226) cancelled the acquisition of Huadian Zhengzhou Machinery Design & Research Institute Co., Ltd. from China Huadian Science and Industry Group Co., Ltd. on December 9, 2022.