Liaoning Shidai Wanheng (Holding) Group Co., Ltd. signed an equity transfer agreement to acquire Shidai Wanheng Investment Co., Ltd. from Liaoning Shidai Wanheng Co.,Ltd. (SHSE:600241) for CNY 38.6 million on September 2, 2020. As per terms, within three working days after this agreement comes into effect, the first payment of CNY 11.57 million shall be paid within three (3) working days after the entry into force of this agreement, the second payment of CNY 9.6 million shall be paid before December 31, 2020 and the final payment of CNY 17.4 million shall be paid before June 30, 2021. Post-completion, Liaoning Shidai Wanheng Co.,Ltd. shall no longer hold equity in Shidai Wanheng Investment Co., Ltd. On September 22, 2020, Shidai Wanheng Investment Co., Ltd. already received the first payment of CNY 11.57 million from Liaoning Shidai Wanheng (Holding) Group Co., Ltd. For the year ended December 31, 2019, Shidai Wanheng Investment Co., Ltd. reported total assets of CNY 243.1 million, net assets of CNY 32.5 million, operating revenue of CNY 144.2 million and net loss of CNY 110.2 million. The transaction is subject to approval of the competent state-owned assets supervision and management agency or its authorized agency. The transaction is approved at the 13th meeting of the seventh board of directors of Liaoning Shidai Wanheng Co.,Ltd. As of September 18, 2020, the transaction was approved by Liaoning Holding (Group) Co., Ltd. Liaoning Shidai Wanheng (Holding) Group Co., Ltd. completed the acquisition of Shidai Wanheng Investment Co., Ltd. from Liaoning Shidai Wanheng Co.,Ltd. (SHSE:600241) on September 16, 2021.