Lawton Development Co., Ltd. (SHSE:600209) signed agreement to acquire 30% stake in Hangzhou Xinglu Investment Holding Co., Ltd. from Xinglu Holding from Zhejiang Qimingxing Investment Co., Ltd. for CNY 25.2 million on August 5, 2021. Lawton Development Co., Ltd. shall pay 51% of consideration within 30 working days from the date of agreement and remaining 49% stake within 12 months from the date of agreement. Hangzhou Xinglu Investment Holding Co., Ltd. has reported total assets of CNY 32.02 million and net negative assets of CNY 0.065 million. The Board of Directors of Lawton Development Co., Ltd. has approved the transaction.

Lawton Development Co., Ltd. (SHSE:600209) completed the acquisition of 30% stake in Hangzhou Xinglu Investment Holding Co., Ltd. from Xinglu Holding from Zhejiang Qimingxing Investment Co., Ltd. on August 5, 2022, which is estimated completion date.