Jiangxi Jovo Energy Co., Ltd (SHSE:605090) signed the intent agreement to acquire at least 80% stake in Sichuan Yuanfeng Sentai Energy Group Co., Ltd. from a group of sellers on January 3, 2022. Jiangxi Jovo Energy Co., Ltd signed agreement to acquire Sichuan Yuanfeng Sentai Energy Group Co., Ltd. from a group of sellers for CNY 1.8 billion on January 17, 2022. Under the terms of transaction, Jiangxi Jovo Energy will acquire Sichuan Yuanfeng Sentai Energy for consideration in cash and new shares and convertible bonds the Company will issue, and the shares will be issued at CNY 32.20 per share. The transaction price is tentatively set at not more than CNY 1,800,000,000. The Company will raise supporting funds of not more than 100% of the acquisition price by issuing convertible bonds to not more than 35 investors, and the shares that can be converted from the bonds will be not more than 30% of the Company's total share capital after the acquisition's share issuance. As of December 31, 2021, Sichuan Yuanfeng Sentai Energy had total asset and net assets as approximately CNY 1.46 billion and CNY 670 million. For Year ended December 31, 2021, The revenue, operating profit and Net profit of Sichuan Yuanfeng Sentai was approximately CNY 2.3 billion, CNY 410 million and CNY 340 million respectively. Till January 17, 2022, The Sellers' Internal Decision-Making Authorities' Approvals, The Approvals of the 16th Meeting of the Company's 2nd Directorate and the 11th Meeting of the Company's 2nd Supervisory Board and The Company's actual controllers Zhang Jianguo and Cai Lihong's agreement in principle was approved. Transaction is Still subject to Second Approval of the Company's Directorate after the Target Assets' Audit and Assessment Work are Completed, Company's Shareholders' Approval, Anti-Monopoly Bureau of the State Administration for Market Regulation's review of the concentration of business operators;The CSRC's Approval and Other Necessary Approvals. As of August 4, 2022 antitrust approved the deal. As of September 13, 2022, . This transaction has been reviewed and approved at the first extraordinary general meeting of shareholders of the Jiangxi Jovo Energy in 2022. The transaction application has been accepted by the China Securities Regulatory Commission. As on November 15, 2022, The China Securities Regulatory Commission has approved the deal. As on November 15, 2022, Jiangxi Jovo Energy will raise supporting funds of not more than CNY 1,200 million by issuing convertible bonds to not more than 35 investors.

Grandway Law Offices acted as legal advisor, CITIC Securities Company Limited (SHSE:600030) acted as financial advisor, RSM China CPA LLP and Grant Thornton International Ltd. acted as accountant to Jiangxi Jovo Energy Co., Ltd.

Jiangxi Jovo Energy Co., Ltd (SHSE:605090) completed the acquisition of at least 80% stake in Sichuan Yuanfeng Sentai Energy Group Co., Ltd. from a group of sellers on November 30, 2022. As on December 29, 2022, China Securities Depository and Clearing Co., Ltd. Shanghai Branch issued the "Securities Change Registration Certificate" and "Securities Registration Certificate", and the relevant registration work has been completed.