On the evening of September 3, Hailianxun disclosed the share exchange and merger draft. The company plans to absorb the merger of Hangzhou Steam Turbine by issuing A-shares to all shareholders of Hangzhou Steam Turbine Power Group Co., Ltd. According to the announcement, Hangzhou Steam Turbine B shares were listed on the Shenzhen Stock Exchange in 1998 and publicly raised HK$171 million. Limited by the financing function of the B-share market, after this merger, Hangzhou Steam Turbine is expected to broaden financing channels and accelerate technology upgrades using Hailianxun's GEM platform. According to the draft, Hailian News plans to exchange shares to absorb the merger of Hangzhou Steam Turbine by issuing shares. The transaction consideration will be determined based on the average share price for the 20 trading days before the two parties' pricing benchmarks. Hailian's share exchange price was 9.35 yuan/share, and after a 34.46% premium, the stock exchange price was 9.35 yuan/share, and the share exchange ratio was 1:1. After the transaction is completed, Hangzhou Steam Turbine will terminate its listing and cancel its legal personality, and Hailiancun will assume all of its assets, liabilities and business as the surviving entity. According to the arrangement, dissenting shareholders of Hailianxun can request Hangzhou Capital to purchase shares at 9.35 yuan/share; dissenting shareholders of Hangzhou Steam Turbine can receive a cash option of 6.90 yuan/share. Hangzhou Capital, the controlling shareholder of Hailianxun, and Steam Turbine Holdings, the controlling shareholder of Hangzhou Steam Turbine, promised not to transfer shares within 36 months after the transaction. Hangzhou Steam Turbine and Hailian News are both state-owned enterprises in Hangzhou. Hailianxun is mainly engaged in the integration of power information systems, while Hangzhou Steam Turbine is the leading domestic industrial steam turbine, and the two sides complement each other in the energy equipment industry chain. After the merger, the surviving company will focus on the main industrial turbine machinery business, and at the same time rely on Hailianxun's digital technology to empower traditional manufacturing, continue to strengthen the R&D and application of independent gas turbines, and promote the independent innovation and development of China's gas turbine industry.

On the evening of September 3, Hailianxun disclosed the share exchange and merger draft. The company plans to absorb the merger of Hangzhou Steam Turbine by issuing A-shares to all shareholders of Hangzhou Steam Turbine Power Group Co., Ltd. According to the announcement, Hangzhou Steam Turbine B shares were listed on the Shenzhen Stock Exchange in 1998 and publicly raised HK$171 million. Limited by the financing function of the B-share market, after this merger, Hangzhou Steam Turbine is expected to broaden financing channels and accelerate technology upgrades using Hailianxun's GEM platform. According to the draft, Hailian News plans to exchange shares to absorb the merger of Hangzhou Steam Turbine by issuing shares. The transaction consideration will be determined based on the average share price for the 20 trading days before the two parties' pricing benchmarks. Hailian's share exchange price was 9.35 yuan/share, and after a 34.46% premium, the stock exchange price was 9.35 yuan/share, and the share exchange ratio was 1:1. After the transaction is completed, Hangzhou Steam Turbine will terminate its listing and cancel its legal personality, and Hailiancun will assume all of its assets, liabilities and business as the surviving entity. According to the arrangement, dissenting shareholders of Hailianxun can request Hangzhou Capital to purchase shares at 9.35 yuan/share; dissenting shareholders of Hangzhou Steam Turbine can receive a cash option of 6.90 yuan/share. Hangzhou Capital, the controlling shareholder of Hailianxun, and Steam Turbine Holdings, the controlling shareholder of Hangzhou Steam Turbine, promised not to transfer shares within 36 months after the transaction. Hangzhou Steam Turbine and Hailian News are both state-owned enterprises in Hangzhou. Hailianxun is mainly engaged in the integration of power information systems, while Hangzhou Steam Turbine is the leading domestic industrial steam turbine, and the two sides complement each other in the energy equipment industry chain. After the merger, the surviving company will focus on the main industrial turbine machinery business, and at the same time rely on Hailianxun's digital technology to empower traditional manufacturing, continue to strengthen the R&D and application of independent gas turbines, and promote the independent innovation and development of China's gas turbine industry.