Niu Faqing signed an agreement to acquire 75.5% stake in Hangzhou Hongsheng Zhonghong New Energy Co., Ltd. from Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. (SHSE:603090) for CNY 24.6 million on November 24, 2021. Within 5 working days after this equity transfer agreement becomes effective, Niu Faqing shall pay the equity transfer payment of CNY 9870800 and Hangzhou Hongsheng’s debts of CNY 14750634.7 to Wuxi Hongsheng and its subsidiaries in a lump-sum payment of CNY 24,621,434.7 in cash. After the completion of this connected transaction, Hangzhou Hongsheng will no longer be included in the scope of the company's consolidated statements. Hangzhou Hongsheng Zhonghong reported assets as CNY 71.4 million and net assets as CNY 9.7 million for the period end on October 31, 2021. This agreement shall become effective after being stamped or signed by both parties, and approved by the general meeting of shareholders of Wuxi Hongsheng. Niu Faqing acquired 75.5% stake in Hangzhou Hongsheng Zhonghong New Energy Co., Ltd. from Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd. (SHSE:603090) on December 13, 2021. The equity transfer price of CNY 9870800 has been paid.