A consortium comprising Dang Yu (George) Pan, Chairman and Chief Executive Officer of Highpower International Inc. (NasdaqGM:HPJ) (‘Highpower’), Wen Liang Li, Wen Wei Ma and Essence International Capital Limited (‘Essence’) made a non-binding proposal to acquire the remaining 80.1% stake in Highpower for $59.9 million on June 2, 2018. The purchase consideration comprises $4.8 per share in cash. On June 28, 2019, the consortium signed a definitive agreement regarding the acquisition. The purchase will be financed through a combination of cash in hand and proceeds from a $51.1 million equity investment by Essence, pursuant to the terms of an equity commitment letter. Consortium will pay the termination fee of $4.73 million and Highpower International will pay a termination fee of $2.4 million. The transaction is subject to execution of definitive agreement, regulatory approval, approval by special committee and approval by holders of majority of Highpower outstanding shares not owned by buying consortium, on October 29, 2019. On April 18, 2019, the consortium committed to a non-waivable condition requiring approval of the deal by holders of a majority of the outstanding shares of common stock of Highpower not currently owned by the consortium. The Board of Directors of Highpower formed a special committee on June 25, 2018 consisting of independent Directors to consider the proposal. Ping (David) Li and T. Joseph Fisher, III will serve on the special committee and Li will serve as Chairman. The Highpower Board, acting on the recommendation of the special committee, unanimously approved the agreement and also recommended the deal to shareholders. As of September 30, 2019, Highpower International filed definitive proxy materials with the U.S. Securities and Exchange Commission in connection with the acquisition. The Highpower Special Meeting of Stockholders is scheduled to take place on October 29, 2019 to approve the merger. As of October 29, 2019, the shareholders of Highpower approved the transaction. The transaction is expected to close during the third quarter of 2019. As of August 13, 2019, the transaction is expected to close in the fourth quarter of 2019. Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Dang Yu (George) Pan. Roth Capital Partners LLC appointed as financial advisor and Katten Muchin Rosenman LLP as legal advisor to the special committee of Highpower. Manatt, Phelps & Phillips LLP served as legal advisor to Highpower. O'Melveny & Myers LLP served as legal advisor to Essence. Okapi Partners LLC acted as information agent to Highpower. A consortium comprising Dang Yu (George) Pan, Chairman and Chief Executive Officer of Highpower International Inc. (NasdaqGM:HPJ), Wen Liang Li, Wen Wei Ma and Essence International Capital Limited completed the acquisition of the remaining 80.1% stake in Highpower on October 31, 2019. Highpower International notified NASDAQ of its intent to delist its common stock from NASDAQ. The purchase price was funded by cash on hand. Wen Liang Li, T. Joseph Fisher III, Ping Li and Jie Wang resigned as a director of Highpower International (including any committee of the board of directors of Highpower International) and Dang Yu Pan remained as a director of Highpower International (including any committee of the board of directors of Highpower International). At such time, Hao Yi Yang and Ping Chen became directors of Highpower International. Ke Zhu, Ke Geng, Aaron Xinima Amini and William Pao of O'melveny & Myers LLP acted as legal advisors to Essence International Capital Limited.