Nanchang Shuitian Investment Group Co., Ltd. signed a share transfer agreement to acquire 19.9% stake in Zhejiang Fuchunjiang Environmental Thermoelectric Co., Ltd. (SZSE:002479) from Zhejiang Fuchunjiang Communication Group Co., Ltd. for approximately CNY 1.6 billion on July 27, 2020. Nanchang Shuitian Investment Group Co., Ltd. will acquire 177.2 million shares for CNY 8.8 per share. Nanchang Shuitian Investment Group Co., Ltd. shall pay the transfer price in four installments. The first transfer price is 10% of the transfer price, which is CNY 156 million shall be paid to the joint account jointly opened by both parties within ten working days from the date of signing this agreement. The second transfer price is 20% of the transfer price which is CNY 311.9 million shall be paid to the joint account jointly opened by both parties within ten working days from the effective date of this agreement. The third transfer price is 40% of the transfer price which is CNY 623.9 million shall be paid to the designated account within ten working days after receiving the confirmation letter for the transfer of the negotiable share agreement issued by the Shenzhen Stock Exchange, and agree to lift the supervision of the joint account. Shuitian Group agreed to pay 30% of the transfer price within ten working days after the equity transfer confirmation document issued by China Securities Depository and Clearing Corporation Limited, which is CNY 467.9 million. After the completion of this transaction, Nanchang Shuitian Investment Group Co., Ltd. will own 125.4 million shares representing 14.15% stake. As of October 12, 2020, the transaction is approved by Nanchang SASAC. The transaction is expected to close on November 5, 2020. Nanchang Shuitian Investment Group Co., Ltd. completed the acquisition of 19.9% stake in Zhejiang Fuchunjiang Environmental Thermoelectric Co., Ltd. (SZSE:002479) from Zhejiang Fuchunjiang Communication Group Co., Ltd. on November 6, 2020.