Gansu Jingyuan Coal Industry & Electricity Power Co., Ltd (SZSE:000552) entered into an agreement to acquire Yaojie Coal Electricity Group Co., Ltd. from Gansu Energy and Chemical Investment Group Co., Ltd., China Cinda Asset Management Co., Ltd., and China Huarong Asset Management Co., Ltd for approximately CNY 8 billion on April 7, 2022. Gansu Jingyuan Coal Industry & Electricity Power Co., Ltd will issue approximately 2 billion shares. As of August 19, 2022, the listed company and the counterparties to the transaction signed the “Supplementary Agreement to the Agreement on the Purchase of Assets by Issuing Shares”. At the same time, the Company will carry out a non-public issuance of shares to raise funds. Issuance of shares is at CNY 3.58 per share. The transaction is subject to regulatory board, relevant laws and regulations approval and is approved by acquire board. The transaction is subject to Anti-monopoly Bureau of the State Administration for Market Regulation. The transaction is subject to approval of offer by Gansu Jingyuan Coal Industry & Electricity Power shareholders. As of September 19, 2022, it was announced that the transaction is approved by Assets Supervision and Administration Commission of the People's Government of Gansu Province on September 16, 2022. The transaction is still needs to be reviewed and approved by Gansu Jingyuan Coal Industry & Electricity Power's shareholders' meeting and reported to the China Securities Regulatory Commission for approval. As on November 30, 2022, The counterparties to the transaction reviewed and approved the formal plan of this transaction in August 2022. The asset appraisal report of the subject of this transaction has been filed with the relevant departments of the SASAC of Gansu Province in August 2022. The transaction has been approved by the competent state-owned assets supervision and management department in September 2022. The shareholders of Gansu Jingyuan Coal Industry & Electricity Power has approved the transaction in September 2022. On October 27, 2022, Gansu Jingyuan Coal Industry & Electricity Power has received the "Notice of Concentration of Operators' Anti-monopoly Review Consent to Withdraw Application" issued by the State Administration for Market Regulation, and made an announcement on October 28, 2022. As of December 21, 2022, Gansu Jingyuan Coal Industry & Electricity Power Co., Ltd received approval from China Securities Regulatory Commission for planning to issue 1,622,773,446 shares to Gansu Energy and Chemical Investment Group Co., Ltd., 459,492,449 shares to China Cinda Asset Management Co., Ltd., and 20,924,643 shares to China Huarong Asset Management Co., Ltd. shares to purchase assets and raise supporting funds.


CITIC Securities Company Limited (SHSE:600030) and China Dragon Securities Co., Ltd. acted as financial advisor and Yingke Law Firm acted as legal advisor to Gansu Jingyuan Coal Industry & Electricity Power Co., Ltd. Da Hua Certified Public Accountants acted as accountant to Yaojie Coal and Electricity Group Corporation

Gansu Jingyuan Coal Industry & Electricity Power Co., Ltd (SZSE:000552) completed the acquisition of Yaojie Coal Electricity Group Co., Ltd. from Gansu Energy and Chemical Investment Group Co., Ltd., China Cinda Asset Management Co., Ltd., and China Huarong Asset Management Co., Ltd on December 30, 2022.