Tianbao Energy announced that on December 28, 2023, the company entered into the Equity Transfer Contract with Tianjin yuanhai Jinfeng New Energy Co., Ltd. to acquire 95% equity of Yangzhou Qingchang Solar Energy Technology Co., Ltd. at a total consideration of about RMB 15.37 million. According to the data, Yangzhou Qingchang Solar Energy Technology Co., Ltd. was established in 2019 with registered capital of 10 million yuan and legal representative Jin Zhenwei. The company's business covers the retail of photovoltaic equipment and is a member of China Ocean Shipping Group. Upon completion of
the Equity Transfer Agreement, the Company will hold 95% equity interest in the Target Company and the Target Company will become a non-wholly owned subsidiary of the Company. The announcement said that the acquisition of 95% of the target company's equity is in line with the company's development strategy, is an important measure for the company to further transform and upgrade to the direction of new energy, and is also a concrete action for the company to deepen the reform of state-owned enterprises and enhance the vitality of enterprises. As the company's first foreign project, this project is of great significance for the company to go out of Tianjin, expand its service areas and implement the company's "14th Five-Year Plan".