Shanghai Shangfeng Group Co., Ltd. and Ye Jinwu signed an agreement to acquire Guizhou Changde Technology Co., Ltd. from Hiconics Eco-energy Technology Co., Ltd. (SZSE:300048) for CNY 16.4 million on October 14, 2020. The consideration will be paid within 7 days after the signing of this agreement. If the payment is overdue, Shanghai Shangfeng Group Co., Ltd. and Ye Jinwu shall pay 0.22‰ (annualized interest rate 8%) of the equity transfer payment payable to the transferor for liquidated damages for every day overdue, counting until the payment is completed. Guizhou Changde Technology had semi-annual total assets of CNY 19.7 million and net assets of CNY 16.9 million in 2020. Transaction will be effective after the pre-conditions required by laws and regulations are fulfilled (if necessary). The transaction does not need to be submitted to Hiconics Eco-energy Technology's shareholders meeting for review.