According to Zhitong Finance APP, Top resource energy (300332.SZ) announced that the company intends to jointly establish a joint venture company, Henan Mingyao Water Affairs Co., Ltd. with Peking Yinglong Technology Co., Ltd. The registered capital of the joint venture is 0.75 billion yuan, with Peking Yinglong subscribing to 0.413 billion yuan, contributing in the form of equity and mmf, that is, evaluating its 100% equity in Henan Juewu Technology Co., Ltd. (referred to as "Henan Juewu") at 0.109 billion yuan and contributing 0.303 billion yuan in mmf, accounting for 55% of the registered capital; the company will subscribe to 0.338 billion yuan, contributing in the form of equity and mmf, evaluating its 100% equity in Peking Saino Water Technology Co., Ltd. (referred to as "Saino Water") at 0.336 billion yuan and contributing 1.95 million yuan in mmf, accounting for 45% of the registered capital.

On November 27, 2024, Top resource energy signed the "Joint Venture Operation Agreement of Henan Mingyao Water Affairs Co., Ltd." with Peking Yinglong. After the completion of this transaction, Saino Water will become an affiliated company of the company and will no longer be included in the company's consolidated financial statements.

The announcement stated that the purpose of the company this time to invest in 100% equity of Saino Water to jointly initiate the establishment of a joint venture with Peking Yinglong Technology Co., Ltd. is to fully leverage Saino Water's technological advantages in water treatment process technology and system integration, make full use of the existing 139 mu industrial land and 61,000 square meters of production plant of Henan Juewu, take advantage of the low local labor costs, fully utilize the funding advantages and market resources of Peking Yinglong, enhance the asset quality and operational efficiency of the company's water affairs sector, lay out in the municipal water affairs and industrial water affairs fields, and carry out investment and operation of water affairs engineering, general contracting for projects, and manufacturing of modular water treatment equipment, among other businesses. The restructuring of Saino's business will be beneficial for the company to better concentrate resources on developing the gas business.