Shenzhen Mason New Energy Co., Ltd. agreed to acquire Pinglu Kaidi New Energy Development Co., Ltd. from Kaidi Ecological and Environmental Technology Co., Ltd. for approximately CNY 370 million on June 12, 2023. As per terms of payment, Shenzhen Mason New Energy shall make first payment of CNY 189.21 million, pay within one month from delivery of delivery operating rights second payment of CNY 160.79 million and within six months from delivery of delivery operating rights, Shenzhen Mason New Energy shall pay the remaining balance of the deal price. As of December 31, 2022, Pinglu Kaidi New Energy Development Co., Ltd. reported total assets of CNY 570 million, revenue of CNY 101.5 million, EBIT of CNY 117.2 million, net income of CNY 68.59 million and net assets of CNY 370 million.

The deal has been approved by board of directors of Shenzhen Mason Technologies Co.,Ltd. at 5th directorate during its 30th meeting held on June 12, 2023. The deal is subject to approval from state-owned asset supervisory units, Kaidi Ecological and Environmental Technology's approval bodies and shareholders of Shenzhen Mason Technologies Co.,Ltd.