Zhejiang Provincial New Energy Investment Group Co., Ltd. (SHSE:600032) agreed to acquire 80% stake in Jiuquan Zhexinneng Wind Power Generation Co., Ltd. from Riyue Heavy Industry (Gansu) Co., Ltd. for CNY 380 million on March 20, 2024. Prior to the transaction, Zhejiang New Energy owned 5% stake in Jiuquan Zhexinneng. After the transfer, Gansu Riyue?s stake in Jiuquan Zhexinneng will decrease from 95% to 15%.

Jiuquan Zhexinneng reported total assets of CNY 1 billion and shareholder's equity of CNY 177.03 million as of December 31, 2023. The transaction still needs to be approved by the Riyue Heavy Industry?s shareholders meeting. On April 2, 2024, the transaction was approved by Riyue Heavy Industry Co., Ltd. shareholders.