On December 13, 2018, Concord New Energy Group Limited signed a convertible loan agreement with GOLDMAN SACHS ASIA STRATEGIC PTE. LTD a wholly owned subsidiary of GOLDMAN SACHS. According to the agreement, GOLDMAN SACHS will provide Concord New Energy Group Limited with a convertible loan of USD 30 million at a low interest rate to support the Group's development and to be used for general corporate and working capital purposes and capital expenditure requirements of the Group.

GOLDMAN SACHS is entitled to convert these loans into group shares at the price agreed in the contract, and the conversion price is 63.93%-96.72% higher than the closing price of the agreement signing data.

Goldman Sachs is leading global investment banking, securities and investment management firm. Goldman Sachs’s interest in making an investment into the Group reflects its confidence in the Group’s business and growth potential. Through this agreement, the Group will involve Goldman Sachs as a strategic shareholder and vigorously develop new energy business.