Zhang Kaifeng, Xiamen Qianyunzhi Management Consulting Co., Ltd and Xiamen Guangmao Investment Partnership Enterprise (Limited Partnership) agreed to acquire 53.664% stake in Xiamen Quandian Optoelectronics Co., Ltd. from XiaMen HongXin Electron-tech Group Co.,Ltd (SZSE:300657) for CNY 70 million on April 25, 2024. Within 25 days after the effective date of this agreement the buyers will pay the first installment of the equity transfer payment, totaling CNY 14 million, by August 31, 2024, buyers will pay 30% of the price totaling CNY 21 million and by December 31, 2024, buyers will pay 50% of the total equity transfer price totaling CNY 35 million. As part of the transaction, Zhang Kaifeng will acquire 9.6640% stake, Xiamen Qianyunzhi will acquire 8% stake and Xiamen Guangmao will acquire 36% stake.

After the completion of this transaction, XiaMen HongXin Electron-tech Group Co.,Ltd. will no longer hold the equity of Xiamen Quandian Optoelectronics Co., Ltd. The transaction will be funded form self raised funds. XiaMen HongXin Electron-tech Group Co.,Ltd. deliberated and passed the "Proposal on the Company Signing the Equity Sale Agreement" at the 26th meeting of the fourth board of directors held on April 25, 2024. Xiamen Quandian reported total assets of CNY 165.2 million and net assets of CNY 58.8 million as of March 31, 2024.

All parties agree that within 15 days after the completion of the payment of the first installment of the equity transfer payment by Party B, the business registration procedures.