Nanning Industrial Investment Group Co., Ltd. signed the share transfer agreement to acquire 5.54% stake in Nanning Department Store Co., Ltd. (SHSE:600712) from Nanning Futian Investment Co., Ltd. for CNY 130 million on April 3, 2024. Nanning Industrial Investment Group will acquire 30.2 million shares at CNY 4.28 per share. Nanning Industrial Investment Group Co., Ltd. received the approval of this transaction from Nanning Municipal People's Government State-owned Assets Supervision and Administration Commission.

This transaction still needs to obtain the compliance confirmation from Shanghai Stock Exchange before the transfer procedures can be processed in China Securities Depository and Clearing Corporation Limited Shanghai branch.