Liu Hailiang signed a share transfer agreement to acquire an additional 36.8% stake in Hangzhou Zhongheng Power Energy Co., Ltd. from Hangzhou Zhongheng Electric Co., Ltd (SZSE:002364) for CNY 14.7 million on March 26, 2020. Under the terms, Hangzhou Zhongheng Electric will transfer 36.83% stake in Hangzhou Zhongheng Paiwei Power to Liu Hailiang. After the acquisiition, Liu Hailiang will hold 47.44% stake in Hangzhou Zhongheng Power. The financials of Hangzhou Zhongheng Power for the year ended December 31, 2019 are total assets of CNY 42.9 million, total revenues of CNY 42.1 million, net assets of CNY 34.2 million, total loss of CNY 8.78 million and net loss of CNY 7.5 million. The transaction is approved by the Board of Directors of Hangzhou Zhongheng Electric. The transaction does not need approval of shareholders' of Hangzhou Zhongheng Electric. Liu Hailiang completed the acquisition of an additional 36.8% stake in Hangzhou Zhongheng Power Energy Co., Ltd from Hangzhou Zhongheng Electric Co., Ltd (SZSE:002364) on April 30, 2020.