Shenzhen City New China Water Environmental Technology Limited entered into an sale purchase agreement to acquire 51% stake in Datang Huayin Xiangtan Environmental Electricity Generation Company Limited from Datang Huayin Electric Power Co., Ltd (SHSE:600744) for CNY 0.52 million on January 23, 2017. The consideration shall be payable in process of deposit of CNY 0.1 million and remaining approximately CNY 0.42 million paid by Shenzhen City New China Water Environmental Technology to the designated bank account of the Beijing equity exchange three days after the issue of transaction. The consideration shall be satisfied by internal resources of Shenzhen City New China Water Environmental Technology. As of May 31, 2016, Datang Huayin Xiangtan Environmental Electricity Generation Company Limited had total assets is CNY 2.47 million and negative owner’s equity of CNY 2.85 million.