On September 29, 2020, Newater Technology, Inc. publicly announced that it had entered into an agreement and plan of merger, dated September 29, 2020, among the Company, Crouching Tiger Holding Limited. The Company stated that under the terms of the merger agreement, each common share issued and outstanding prior to the effective time of the merger will be cancelled in consideration for the right to receive US$3.65 per common share in cash, without interest, except for certain excluded shares , which include (i) common shares owned by Mr. Li, Tigerwind Group Limited, Zhang, Sui and Forwater Holdings Limited (ii) common shares owned by holders of common shares who have exercised and not withdrawn or lost their appraisal rights pursuant to section 179 of the BVI Companies act and (iii) common shares owned by the Company or any direct or indirect wholly-owned subsidiaries of the Company. The Company stated that concurrently with the execution of the merger agreement, the Rollover shareholders entered into a rollover agreement with parent, pursuant to which (i) prior to the effective time, the common shares held by the Rollover shareholders will be cancelled at the closing for no consideration, (ii) and parent will issue to the rollover shareholders certain shares of parent.