Jilin Province Zhongchen Industrial Development Co., Ltd. signed an equity transfer agreement to acquire Baoding Jidongxing Heavy Vehicle Sales Co., Ltd. from Pang Da Automobile Trade Co., Ltd (SHSE:601258) for CNY 90 million on December 23, 2021. The consideration will be paid within 3 working days from the date of the agreement. In a related transaction, Jilin Province Zhongchen Industrial Development Co., Ltd. signed an equity transfer agreement to acquire Beijing Pangda Barbos Automobile Sales Co., Ltd. from Pang Da Automobile Trade Co., Ltd (SHSE:601258) for CNY 96 million on December 23, 2021. As of October 31, 2021, Baoding Jidongxing reported Total assets of CNY 196.6 million and Net assets of negative CNY 203.9 million. This transaction is approved by the shareholders and board of Pang Da Automobile Trade and does not need to be submitted to the relevant government departments of the People's Republic of China for approval.