Qingkechuang Industrial Group Co., Ltd. agreed to acquire 19.7% stake in GI Technologies Group Co., LTD. (SZSE:300309) from Gao Huaixue for approximately CNY 540 million on May 15, 2020. Under the terms of the transaction, Qingkechuang Industrial Group will acquire 174.2 million shares at CNY 3.1 per share. As per terms of the consideration, Qingkechuang Industrial Group will pay CNY 108 million within three trading days after the signing of the agreement, CNY 162 million will be paid when submitting the registration information for the change of the underlying shares, CNY 130 million will be paid within five trading days after the completion of registration of the change of the underlying share and the remaining CNY 140 million will be fully paid to the account designated by the transferor before September 15, 2020. Shanghai Kunzhan Industrial Co., Ltd entered into an Equity Transfer Alteration Agreement to acquire 15% stake in GI Technologies Group Co., LTD. (SZSE:300309) from Gao Huaixue for approximately CNY 400 million on January 5, 2021. Under the terms Shanghai Kunzhan Industrial Co., Ltd will acquire 132.9 million shares. Shanghai Kunzhan Industrial Co., Ltd. will pay a performance bond of CNY 20 million to Gao Huaixue designated account within seven trading days after the signing of this agreement, and wait for the corresponding shares to be registered with China Securities Depository and Clearing Co., Ltd. in accordance with the agreement, another CNY 200 million to Gao Huaixue designated account before submitting the registration information of the target shares, within six months after the completion of the modification registration of the target shares, the remaining payment will be paid to Gao Huaixue designated account. From the date of signing of the Share Transfer Agreement to the date of transfer of the target shares, if the number of shares of the target shares changes due to bonus shares, capital accumulation, split shares, allotment, etc., the number of shares when Gao Huaixue, the price will be adjusted accordingly, before the transfer of the underlying shares to Shanghai Kunzhan Industrial Co., Ltd. Prior to the the transaction Gao Huaixue holds 20 million shares, representing 22.67% stake and post completion will hold 67.9 million shares, representing 7.67% stake. Post completion of the transaction Shanghai Kunzhan Industrial Co., Ltd. can attend extraordinary general meeting or general meeting of GI Technologies Group Co., LTD. and Nomination includes, but is not limited to, nomination, recommendation, election or removal of directors, supervisors shareholder proposals or proposals, and other expressions of intent. As a result of the transaction, the controlling shareholder and ownership of GI Technologies Group will change. Qingkechuang Industrial Group Co., Ltd. completed the acquisition of 19.7% stake in GI Technologies Group Co., LTD. (SZSE:300309) from Gao Huaixue on June 2, 2021.