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    Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2019-62
    
    Hangzhou Steam Turbine Co., Ltd.
    
    Announcement on the Holding Subsidiary- Zhejiang Steam Turbine Packaged
    
    Technology Development Co., Ltd. Intending to Transfer its Holding Equity of
    
    Zhejiang Supcon Solar Technology Co.,Ltd. by Listed Transaction
    
    The members of the Board and the Company acknowledge being responsible for the truthfulness,
    
    accuracy, and completeness of the announcement. Not any false record, misleading statement or
    
    significant omission carried in this announcement.
    
    I. Overview of the transaction1. Zhejiang Steam Turbine Packaged Technology Development Co., Ltd. (hereinafter referred to as¡°Steam Turbine Packaged Company¡±), a holding subsidiary to the Company, recently publiclylisted its holding 3.54% (9.009 million yuan) shares of Zhejiang Supcon Solar Technology Co.,Ltd(hereinafter referred to as ¡°Supcon Solar Company¡±).on the Hangzhou Property RightsExchange, with the listed floor price of 54.59454 million yuan.
    
    2.On November 1, 2019, the Company held the 38th meeting of the 7th Board of Directors by
    
    means of telecommunication voting. With 10 votes in favor, 0 votes against and 0 abstentions, The
    
    meeting examined and adopted the Proposal on the Holding Subsidiary- Steam Turbine Packaged
    
    Company Intending to Transfer its Holding Equity of Supcon Solar Company by Listed
    
    Transaction.
    
    3. This transaction does not constitute a major asset restructuring as stipulated in the Measures for
    
    the Administration of Major Asset Restructuring of Listed Companies. The transaction does not
    
    need to be reviewed by the Company's shareholders¡¯ general meeting. This equity listing transfer
    
    has fulfilled the pre-recording procedures to the state-owned assets management department of
    
    Hangzhou for the state-owned assets transaction activities.
    
    II. The basic information of the transaction subject
    
    (1) Subject of the transaction
    
    1. The name of the transaction subject
    
    The subject of this transaction is the Steam Turbine Packaged Company¡¯s holding equity ofSupcon Solar Company.
    
    2. Basic information of the transaction subject
    
    Company Name: Zhejiang Supcon Solar Technology Co., Ltd.
    
    Unified social credit code£º913300005561736010
    
    Enterprise type: Limited liability Company(Natural person investment or holding)
    
    Domicile of the Company: Room 918 of the 9/ F, the 15/ F, Building 1, No. 307, Liuhe Road,Puyan Street, Binjiang District, Hangzhou City, Zhejiang Province, China
    
    Legal representative :J in Jianxiang
    
    Registered capital£º265.11 million yuan
    
    Date of establishment£ºMay 19,2010
    
    Business scope: Solar technology research and development, technical consulting andservices, production and installation of electromechanical equipment, sales, installation andservice of complete sets electromechanical equipment, installation and construction of electricaland mechanical engineering, sales, installation and service of complete sets of power plantequipment, industrial investment, export business operation. (Projects subject to approvalaccording to law and be operated after approval by relevant departments)
    
    Top ten shareholder names and shareholding ratio
    
       No                      ShareholderName                      Proportionoffund
                                                                   contribution
        1    HangzhouYuriInvestmentManagementPartnership£¨LP£©                26.06%
        2    HangzhouBoilerGroup Co.,Ltd.                                 11.81%
        3    HangzhouTaiyitianzeInvestmentManagementPartnership£¨LP£©           10.46%
        4    HangzhouYizhidaInvestmentManagementPartnership£¨LP£©              9.15%
        5    HangzhouZhaofuInvestmentPartnership£¨LP£©                       7.15%
        6    ZhangzhouYuhuiEquity InvestmentManagementPartnership(LP£©           5.42%
        7    ZhejiangSteamTurbinePackagedTechnologyDevelopmentCo.,Ltd.          3.54%
        8    ZhongGuoqing                                             3.02%
        9    HangzhouFuhengVentureInvestment Partnership(LP£©                   2.46%
       10     JinJianxiang                                               2.36%
    
    
    3. Recent financial information of Zhejiang Supcon Solar Technology Co., Ltd.
    
    In RMB
    
     Period         Totalassets       Netassets     Totalliabilities      Revenue       Totalprofit      Notprofit
       Year2018    779,803,661.38     363,149,440.18   416,654,221.20    337,597,074.89    2,850,085.37    3,009,286.90
       January
      -September   652,630,580.66     619,550,577.07    33,080,003.59    242,623,662.62   87,413,787.21    86,401,136.89
        2019
    
    
    (II) Evaluation situation of the transaction subjectAccording to the ¡°Evaluation Report on Total Equity Evaluation Project of all Shareholders ofSupcon Solar Company¡± (No.436-(2019) Kunyuan Evaluation Report) issued by Kunyuan AssetEvaluation Co., Ltd on August 15, 2019, the evaluation value of the total equity of Supcon SolarCompany¡¯s shareholders was 1,406,000,000 yuan, added value of 872,088,867.81 yuan or of163.34% value-added rate compared with the book value of 533,911,132.19 yuan. The evaluationbase date was June 30, 2019, and it¡¯s evaluated by using the asset-base approach and the incomeapproach.
    
    According to the evaluation result, the 3.54% share of Supcon Solar Company held by the Steam
    
    turbine Packaged Company is corresponding to a net asset valuation of 49.82 million yuan.
    
    III. The main content of the transaction agreement
    
    The equity transfer will be listed on the Property Rights Exchange for transaction, and theSteam-turbine Packaged Company will sign the relevant transfer agreement with the counterpartybased on the listing result.
    
    IV. Other arrangements for this transaction
    
    Other arrangements have not yet been determined.
    
    V. Purpose of the transaction and its impact on the company
    
    (1) Purpose of the transactionThe Steam-turbine Packaged Technology Company invested 15 million yuan to obtainshareholding of Supcon Solar Company in 2011. In order to further optimize the asset structureand resource allocation and focus on the Company's core business development, and combine withthe requirements for enhancement of corporate governance structure to reduce the managementlevels, the Company agreed that the Steam-turbine Packaged Company transfers its holding equityof Supcon Solar Company.
    
    (2) The impact of the transaction on the listed companyThis transfer of Steam-turbine Packaged Company¡¯s holding equity of Supcon Solar Company isbased on the overall strategy and operational needs, and it will not affect the Company's mainbusiness development. The equity transfer price shall be based on the evaluation report issued bythe asset appraisal agency, and the final transaction price shall be subject to the entry transactionprice. After the completion of the equity transfer, the Steam-turbine Packaged TechnologyCompany will no longer hold any equity of Supcon Solar Company. The transaction will have acertain positive impact on the Company's 2019 profit. There is still uncertainty about w hether thislisting transaction of the equity transfer can be completed. Investors are advised to pay attention toinvestment risks.
    
    VI. Documents available for inspection
    
    1.Resolutions of the 38th Meeting of the seventh Board of Directors
    
    2. Asset Evaluation Report (No. 436-[2019] Kunyuan Evaluation Report)This announcement is hereby made.
    
    The Board of Directors of Hangzhou Steam Turbine Co., Ltd.
    
    November 1, 2019

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