Zhejiang Wangneng Environmental Protection Stock Co., Ltd. signed an Equity Transfer Contract to acquire China Western Power Environmental Power (Zhaotong) Co., Ltd. from China Western Power Industrial Co., Ltd. (SZSE:002630) for approximately CNY 100 million on February 28, 2022. Zhejiang Wangneng will pay the intention fee of 10% within five days from the date of signing the contract, 10% of the equity transfer price for the first phase, which should be paid within five working days after certain conditions are met, 50% of the equity transfer price shall be paid within five working days after completion of the industrial and commercial change and registration, and the relevant handover work stipulated in the contract is completed, and the remaining 30% of the equity transfer price shall be paid in turn after China Western Power Environmental obtains the power license, water drawing license, completion acceptance and approval and other documents. For the year ended December 31, 2021, China Western Power Environmental reported Total Assets of CNY 596.3 million, Net assets of CNY 159.1 million, Revenue of CNY 47.37 million and Net loss of CNY 3.66 million. The transaction is approved by thirteenth meeting of the fifth board of directors of China Western Power.

Zhejiang Wangneng Environmental Protection Stock Co., Ltd. cancelled the acquisition of China Western Power Environmental Power (Zhaotong) Co., Ltd. from China Western Power Industrial Co., Ltd. (SZSE:002630) on July 19, 2022.