Dongjiang Environmental Company Limited (SEHK:895) agreed to acquire 70% stake in Chenzhou Xiongfeng Environment Technology Company Limited from Beijing Hi-Fortune Union Technology Company Limited on December 31, 2020. Dongjiang Environmental Company Limited entered into the agreement of Intent on acquisition of equity interest of Chenzhou Xiongfeng Environment Technology Company Limited from Beijing Hi-Fortune Union Technology Company Limited on January 15, 2021. Dongjiang Environmental Company Limited entered into Conditional Acquisition Agreement of equity interest of Chenzhou Xiongfeng Environment Technology Company Limited from Beijing Hanfeng United Technology Co., Ltd. on July 15, 2021. The consideration will be payable in cash. The Consideration for the Acquisition is CNY 430 million. Dongjiang Environmental Company Limited agrees to pay Beijing Hi-Fortune Union Technology Company Limited CNY 20 million as earnest money within 10 working days after the signing of the agreement of intent. As on December 31, 2020, Chenzhou Xiongfeng Environment Technology Company Limited generated net assets of CNY 516 million, operating revenue of CNY 1.4 billion and net profit after tax of CNY 52.05 million. The transaction is subject to regulatory approval, antitrust approval, approval by shareholders of Dongjiang Environmental and has been approved by board of directors of Dongjiang Environmental. As of September 8, 2021, the transaction has been approved by Dongjiang Environmental shareholders. As of September 10, 2021, the Anti-Monopoly Law of the People’s Republic of China approved the transaction.