Beijing Qinglong Lake Jiahe Enterprise Management Co., Ltd. agreed to acquire 25% of stake in United Energy Group Limited (SEHK:467) from He Fu International Limited for approximately $720 million on December 13, 2022. On December 13, 2022, the 29th session of the company?s 10th directorate approved the proposal on the wholly-owned subsidiary?s acquisition of shares in United Energy Group Limited. The transaction is subject to approval by national development and reform department, foreign exchange registration for overseas direct investment.