Genew Technologies Co.,Ltd. (SHSE:688418) agreed to acquire additional 40.99% stake in Hangzhou Chenxiao Technologies Co.,ltd for CNY 82 million on May 26, 2022. Genew Technologies Co.,Ltd. (SHSE:688418) signed a share transfer agreement to acquire additional 40.99% stake in Hangzhou Chenxiao Technologies Co.,ltd for CNY 82 million on July 5, 2022. As per the transaction, Genew Technologies Co.,Ltd. will acquire 10193086 shares representing 40.99% stake.

The transaction will be financed from Genew Technologies Co.,Ltd's investment project. The transaction is approved by board of directors of Genew Technologies Co.,Ltd. and is subject to approval by shareholders of Genew Technologies Co.,Ltd. As on July 5, 2022, the transaction is approved by shareholders of Genew Technologies Co.,Ltd.