Ningbo Yafeng Electric Co., Ltd. signed agreement to acquire 15% stake in Anhui Andeli Department Store Co., Ltd. (SHSE:603031) from Chen Xuegao for approximately CNY 660 million on September 9, 2021. As per the transaction, Ningbo Yafeng Electric Co., Ltd. will acquire 16.8 million shares at CNY 39.03 per share. Within 12 months after the transfer completion date, Ningbo Yafeng Electric Co., Ltd. will complete the payment. Zhang Hongtao of Huaan Securities Co., Ltd. (SHSE:600909) acted as financial advisor to Anhui Andeli Department Store Co., Ltd. while Si Hui and Zhang Gen of Chengyi Law Firm and Yu Honggang and Yao Hongwei of Shandong Hexin Certified Public Accountants acted as legal advisors and accountant to Anhui Andeli Department Store Co., Ltd.

Ningbo Yafeng Electric Co., Ltd. completed the acquisition of a 15% stake in Anhui Andeli Department Store Co., Ltd from Chen Xuegao on March 14, 2022.