Zhejiang Jiaao Enprotech Stock Co., Ltd (SHSE:603822) signed intent agreement to acquire ZHEJIANG Eastriver Energy S&T CO.,LTD from Tongxiang Eastriver Investment Co., Ltd., Tongxiang Golden Sunflower Investment Management Partnership Enterprise (Limited Partnership), Shen Hanxing and Lin Xiaoping for CNY 200 million on November 28, 2016. Parties have singed an agreement on December 13, 2017. The consideration will be paid in cash. The transaction will be financed from private placement of gross proceeds of not more than CNY 400 million. For the year ended December 31, 2015, ZHEJIANG Eastriver Energy S&T reported total assets of CNY 130.7 million, net assets of CNY 77.1 million, net profit of CNY 1.4 million and operating revenues of CNY 130 million. The transaction has been approved by the Board of Directors of Zhejiang Jiaao Enprotech on November 28, 2016. On December 29, 2016, the shareholders of Zhejiang Jiaao Enprotech Stock Co., Ltd. approved the deal. Zhejiang Jiaao Enprotech Stock Co., Ltd (SHSE:603822) completed the acquisition of ZHEJIANG Eastriver Energy S&T CO.,LTD from Tongxiang Eastriver Investment Co., Ltd., Tongxiang Golden Sunflower Investment Management Partnership Enterprise (Limited Partnership), Shen Hanxing and Lin Xiaoping on January 26, 2017.