Hangzhou Keli Enterprise Management Partnership Enterprise (Limited Partnership) signed a framework agreement to acquire a 28.2% stake in Shanghai Hongda New Material Co., Ltd. (SZSE:002211) from Shanghai Hongzi Enterprise Development Co., Ltd. for CNY 650 million on May 13, 2021. Shanghai Hongzi Enterprise Development Co., Ltd. will sell 122.1 million shares. On May 31, 2021, Hangzhou Keli Enterprise Management Partnership Enterprise (Limited Partnership) signed a framework agreement to acquire a 28.2% stake in Shanghai Hongda New Material Co., Ltd. from Shanghai Hongzi Enterprise Development Co., Ltd. for approximately CNY 850 million. Hangzhou Keli Enterprise Management Partnership Enterprise (Limited Partnership) will acquire shares at CNY 6.96 per share. Ownership structure of Shanghai Hongda New Material Co., Ltd. will change after the transaction. As of June 30, 2021, Hangzhou Keli acquired 7.96% of Shanghai Hongda New Material. After receiving the first share transfer payment from Hangzhou Keli, Shanghai Hongzi was responsible for handling the unfreezing procedures for the remaining 87.6 million company shares.