XinJiang Beiken Energy Engineering Stock Co LtdChange of control to Jining Technology with commitment to improve profitability and governance.

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 shares, representing 11.65 percent of total share capital, to Jining Technology for a consideration of 408 million yuan. Anhua Sun plans to transfer 3.0447 million shares, representing 1.51 percent of total share capital, via block trades after the lock-up period expires. Upon completion of the equity change, Jining Technology will hold 26.4554 million shares, representing 13.16 percent of total share capital. The controlling shareholder will change to Jining Technology, and the actual controller will change to 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. Jining Technology stated it will actively participate in the governance of the listed company, enhance profitability, and improve operational and governance standards.
XinJiang Beiken Energy Engineering Stock Co LtdChange of control to Jining Technology with commitment to improve profitability and governance.
Acquiring control of Beiken Energy, expanding its portfolio.
As controlling shareholder of Jining Technology, indirectly involved in the acquisition.