Pizhou Jiesheng Economic Development Equity Investment Fund Partnership Enterprise (LP) managed by Jiangsu Shengshi Guojin Investment Management Co., Ltd. signed a Share Purchase Intention Agreement to acquire 23.9% stake in Lontrue Co., Ltd. (SZSE:300175) from Xinjiang Shanglong Equity Investment Management Co., Ltd. and Wang Guimei for approximately CNY 780 million on May 11, 2021. Pizhou Niesheng Economic Development signed a Share Purchase Agreement to acquire 23.9% stake in Lontrue Co., Ltd. from Xinjiang Shanglong Equity Investment Management Co., Ltd. and Wang Guimei on June 17, 2021. Pizhou Niesheng Economic Development M&A Industry Fund Partnership Enterprise (Limited Partnership) will acquire the Company's 112,752,960 shares, 23.9492% stake, at CNY 6.88 per share.

Xinjiang Shanglong Equity Investment Management Co., Ltd. will sell 52,800,000 shares for CNY 363.264 million and Wang Guimei will sell 59,952,960 shares for CNY 412.5 million. Pizhou Niesheng shall pay the transfer price within 3 working days from the date when the China Securities Investment Fund Industry Association completes the filing of private equity funds and the transaction is confirmed by the Shenzhen Stock Exchange. Within 2 working days after obtaining the share agreement transfer confirmation document issued by the Shenzhen Stock Exchange, both parties shall jointly go through the transfer and registration procedures of the target shares.