Baofeng Energy (stock code 600989.SH) is planning to acquire assets of a steam comprehensive pipeline project worth 450 million yuan.

Chinatimes Finance APP News, Baofeng Energy (600989.SH) announced that the company plans to sign a "Steam Integrated Pipeline Project Asset Acquisition Agreement" with Ningxia Tianpu Core Technology Co., Ltd., intending to acquire the assets group involved in the steam integrated pipeline project of Ningxia Tianpu Core Technology Co., Ltd. (referred to as the "target assets"). The acquisition price is 450 million yuan (including tax), which is basically consistent with the assessed value of the target assets of 4496.453 million yuan (including tax). The source of funds for the purchase of the target assets is self-raised funds.