Shanghai Shangfeng Group Co., Ltd. and Ye Jinwu signed an equity transfer agreement to acquire 64% stake in Wuhan Hiconics Intelligent Electric Co., Ltd. from Hiconics Eco-energy Technology Co., Ltd. (SZSE:300048) for CNY 32 million on February 9, 2021. Upon completion, Hiconics Eco-energy Technology Co., Ltd. won’t hold any shares in Wuhan Hiconics Intelligent Electric Co., Ltd. In a related transaction, Shanghai Shangfeng Group Co., Ltd. and Ye Jinwu signed an equity transfer agreement to acquire 60% stake in Wuhan Hiconics Power Technology Co., Ltd. from Hiconics Eco-energy Technology Co., Ltd. for CNY 1. Wuhan Hiconics Intelligent Electric Co., Ltd. reported total assets of CNY 104.8 million and total common equity of CNY 40.9 million as of September 30, 2020.