XinJiang Beiken Energy Engineering Stock Co LtdChange of control with new controlling shareholder Jining Technology at 13.16% stake, likely to bring strategic direction.

Beiken Energy plans a change of control, and its shares will resume trading on August 3. Controlling shareholder and actual controller Chen Pinggui and his spouse Anhua Sun have signed a share transfer agreement with Jining Technology Shanghai Company Limited. Chen Pinggui intends to transfer 23.4107 million Beiken Energy shares to Jining Technology for a total consideration of 408 million yuan. After the lock-up period on her shares expires, Anhua Sun plans to transfer 3.0447 million shares to Jining Technology via block trades. Upon completion of this equity change, Jining Technology will hold 26.4554 million shares, representing 13.16 percent of the company's total share capital. The controlling shareholder will become Jining Technology, and the actual controller will become Pan Tao. Jichu Energy is the controlling shareholder of Jining Technology, and Pan Tao controls voting rights corresponding to 73.02 percent of Jining Technology's equity.
XinJiang Beiken Energy Engineering Stock Co LtdChange of control with new controlling shareholder Jining Technology at 13.16% stake, likely to bring strategic direction.
Jining Technology becomes controlling shareholder, acquiring 13.16% stake, but impact on its own operations unclear.
Jichu Energy is controlling shareholder of Jining Technology, indirectly involved in the acquisition, but no direct impact stated.