SmartPower Technology (Shanghai) Co., Ltd. agreed to acquire 80% stake in Yichang Smartpower Green Electricity Co. Ltd from Charisma Energy Services Limited for CNY 23.1 million on April 7, 2024. The consideration will be paid in five installment the first installment to CNY 3.8 million after the approval from shareholder the second payement of CNY 5 million no later than September 1, 2024 third payment of CNY 5 million no later than March 1, 2025 fourth payment of CNY 5 million no later than September 1, 2025 and the last payment of CNY 5 million on later than March 1, 2026.

The transaction is subject to approval from target shareholder and regulatory authorities.