Tianjin Quanyechang (Group) Co.,Ltd. (SHSE:600821) agreed to acquire CDB New Energy Technology Co., Ltd. from a group of sellers for CNY 2.8 billion on August 30, 2019. As per terms, Tianjin Quanyechang (Group) Co.,Ltd. will issue 680.35 million shares at CNY 3.57 per share. For the year ended December 31, 2018, CDB New Energy Technology Co., Ltd. reported total assets of CNY 6.1 billion, net assets of CNY 1.6 billion, total revenue of CNY 611.2 million, operating profit of CNY 129.3 million and net income of CNY 153.1 million. The Board of Directors of Xinjiang Goldwind Science & Technology Co.,Ltd has approved the transaction. Approval from the Board of Directors and shareholders of Tianjin Quanyechang (Group) Co.,Ltd., Tianjin SASAC, CSRC anf regulatory is still pending. Approval from the Tianjin State-owned Assets Supervision and Administration Commission is also pending. The transaction is approved by Tianjin Jincheng State-owned Capital Investment and Operations Co., Ltd. and sellers approving bodies on August 31, 2019. As on May 13, 2020, employee congress approved the resettlement plan, Board of Directors of Tianjin Cheng approved the transaction, asset placement and outgoing appraisal report involved in this transaction has been filed with the Tianjin State Council, Tianjin SASAC has approved the transaction, transaction plan has been reviewed and approved by the shareholders of Tianjin Quanyechang. The transaction is still pending for approval from China Securities Regulatory Commission and Other necessary prior approval, approval or consent required by laws and regulations and regulatory authorities. As on May 21, 2020, the transaction was approved by China Securities Regulatory Commission. As of August 11, 2020, CDB New Energy completed the industrial and commercial registration procedures for shareholder change and obtained the new "Business License" issued by the Beijing Economic and Technological Development Zone Market Supervision Administration. Wang Changqing, Cao Zhenyu, Meng Jing, Liu Xianfeng, Cao Rui, Li Ran, Li Shucun, Wang Baosheng and Liu Jie of China Securities Co., Ltd. acted as financial advisor for Tianjin Quanyechang (Group) Co.,Ltd. Liu Ji, Zhang Ran and Yao Jia of Grandall Lawyer (Beijing) Office acted as legal advisor for Tianjin Quanyechang (Group) Co.,Ltd. Hu Yonghua, He Zheng, Shen Wensheng, Zhang Xihai and Wang Qingbin of Wuyige Certified Public Accountants LLP acted as accountant for Tianjin Quanyechang (Group) Co.,Ltd. China United Assets Appraisal Group Co., Ltd. acted as asset evaluation agency in the transaction.

Tianjin Quanyechang (Group) Co.,Ltd. (SHSE:600821) completed the acquisition of CDB New Energy Technology Co., Ltd. from a group of sellers on August 13, 2020.