Shenzhen Shenran New Energy Technology Co., Ltd. entered into a share transfer agreement to acquire Shenzhen Ruixing Wisdom New Energy Co., Ltd. from Shenzhen Ruihe Construction Decoration Co., Ltd. (SZSE : 002620) for CNY 28.2 million on May 29, 2023. Following completion, Shenzhen Shenran New Energy Technology will make Shenzhen Ruixing Wisdom a wholly owned subsidiary owning a 100% stake and Shenzhen Ruihe will hold no stake in it. Shenzhen Ruixing Wisdom had total assets of CNY 24.13 million, net asset of CNY 9.90 million, operating loss of CNY 104,030.89 and net loss of CNY 104,043.39, for the period ended December 31, 2022.

The transaction has been approved by the Board and shareholders of Shenzhen Ruihe.