Anhui Wanshengda New Building Materials Co., Ltd. signed an agreement to acquire Anhui Jianhuai Pipe Engineering Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd (SHSE:603616) for CNY 40 million on December 22, 2020. The consideration comprises CNY 26.2 million for the CNY 44.1 million being paid for the debt owed by Anhui Jianhuai Pipe Engineering Co., Ltd. to Anhui Wanshengda New Building Materials Co., Ltd. For the year ended December 31, 2019, Anhui Jianhuai Pipe Engineering Co., Ltd. reported revenues of CNY 28.2 million and net loss of CNY 15.5 million. As on August 31, 2020, Anhui Jianhuai Pipe Engineering Co., Ltd. reported total assets of CNY 52.2 million and net assets of CNY 1.6 million. The Board of Directors of Beijing Hanjian Heshan Pipeline Co., Ltd. approved the deal on December 22, 2020. The deal does not need approval from shareholders.

Anhui Wanshengda New Building Materials Co., Ltd. completed the acquisition of Anhui Jianhuai Pipe Engineering Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd (SHSE:603616) on December 22, 2021. Which is an estimated date.