Hainan Shengyong Investment Partnership (Limited Partnership) entered into an share transfer agreement to acquire 5% stake in ZHEJIANG NARADA POWER SOURCE Co. , Ltd. (SZSE:300068) from Hangzhou Nandu Power Supply Co., Ltd. for approximately CNY 760 million on December 13, 2022. Under the terms of transaction, Hangzhou Nandu Power Supply will transfer 43,250,000 shares of the company at price of CNY 17.59 per share to Hainan Shengyong.

Hainan Shengyong shall pay 30% of the share transfer price, which is CNY 228,230,250 within two working days after the signing of this equity transfer agreement and then shall pay 45% of the equity transfer price, which is CNY 342,345,375 within two working days after the Shenzhen Stock Exchange issues the share transfer confirmation letter and finally shall pay the remaining 25% of the equity transfer price, which is CNY190,191,875 within two trading days after China Securities Depository and Clearing Co., Ltd. Shenzhen Branch issues the securities transfer registration confirmation letter. Transaction is funded through own and self-raised funds. Before the transfer of this agreement, Hangzhou Nandu Power Supply Co., Ltd hold 13.76% stake of the company's total share capital; after the transfer agreement, Hangzhou Nandu, Shanghai Nandu will hold 8.7% of the company's total share capital.