Shanghai Huajian Investment Management Co., Ltd. entered into an agreement to acquire 15.6022% stake in Huajian New Energy Technology (Shanghai) Co., Ltd. from Shanghai Sinotec (Group) Co., Ltd. for CNY 47.1 million on February 15, 2023. After the transfer, Huajian Investment’s stake in Huajian New Energy will increase from 66.5146% to 82.1168%. As part of consideration, CNY 24 million will be paid after the agreed prerequisites are met and before the change registration, remaining CNY 23 million will be paid within 3 months after the completion of the change registration.

As on Marrch 3, 2023, Transaction has been approved by Shanghai Sinotec's shareholders. As of Nov 30, 2022, Huajian New Energy Technology reported total assets of CNY 24.3 million and net assets of CNY 11.9 million.