Beijing Haihongyuan Investment Management Co., Ltd. entered into a sale and purchase agreement to acquire a 9.33% stake in Northeast Electric Development Company Limited (SEHK:42) from Suzhou Tsing Chuang Trading Group Co., Ltd. for CNY 1.3 billon on January 22, 2017. Under the terms, Suzhou Tsing Chuang Trading Group Co., Ltd. will sell 81.5 million A shares ('sale shares') at CNY 15.95 per share. The sale shares represent 9.33% of the total issued shares and 13.24% of the total A shares of Northeast Electric Development Company Limited. After completion, Suzhou Tsing Chuang Trading Group Co., Ltd. will cease to be a shareholder of Northeast Electric Development Company Limited.