National Engineering Research Center of Advanced Energy Storage Materials Co., Ltd. , Hunan Ouli Technology Development Co., Ltd., Foshan Keba New Energy Vehicle Power Battery Co., Ltd., and Shenzhen Huapu Investment Industrial Co., Ltd. signed an equity transfer agreement to acquire 72.2% stake in Yichun Liyuan New Energy Co., Ltd. from Hunan Corun New Energy Co., Ltd. (SHSE:600478) for CNY 1 on November 18, 2022. Under the agreement, National Engineering Research Center of Advanced Energy Storage Materials Co. will acquire 30.09% stake, Hunan Ouli Technology Development Co. will acquire 21.11% stake, Foshan Keba New Energy Vehicle Power Battery Co. will acquire 20% stake and Shenzhen Huapu Investment Industrial Co. will acquire 1% stake in Yichun Liyuan New Energy Co. Following completion of the transfer, Hunan Corun New Energy Co., Ltd will hold 27.8% stake in Yichun Liyuan New Energy Co. In a related transaction, National Engineering Research Center of Advanced Energy Storage Materials Co., Ltd. , Hunan Ouli Technology Development Co., Ltd., Foshan Keba New Energy Vehicle Power Battery Co., Ltd., and Shenzhen Huapu Investment Industrial Co., Ltd. also signed a Capital Increase Subscription Agreement under which it was agreed to increase the registered capital of Yichun Liyuan New Energy Co., Ltd from CNY 100,000,000 to CNY 1,000,000,000.

The transaction must be submitted to the shareholders' meeting for consideration. The Board of Directors of Hunan Corun New Energy Co., Ltd. deliberated and passed the proposal on signing the equity transfer agreement at meeting held on November 18, 2022.