Mongolia Energy Corporation Limited entered into the Equity Transfer Agreement to acquire 65% stake in Zhen Robotics from for CNY 32.5 million from Liu Zhiyong.

Mongolia Energy Corporation Limited (SEHK:276) entered into the Equity Transfer Agreement to acquire 65% stake in Zhen Robotics from for CNY 32.5 million from Liu Zhiyong on December 30, 2021. The consideration of CNY 31.546 million is to be settled in cash on Completion and CNY 1 million to be settled in cash within 6 months after the completion date. Mongolia Energy Corporation Limited intends to finance the Consideration through the Group's internal resources.

For the year ended on September 30, 2021, Zhen Robotics reported Net asset value of CNY 1.2 million. The transaction is subject to Necessary Approvals, due diligence and all the representations, warranties and undertakings of or by Mongolia Energy Corporation Limited and Liu Zhiyong remaining true and accurate in all respects at all times up to Completion.