Webao Limited entered into a share purchase agreement to acquire 65.5% stake in Xiaobai Maimai Inc. (NasdaqGM:HX) from Xiaobo An on July 2, 2021. As reported, Webao Limited will acquire 31.9 million ordinary shares of Xiaobai Maimai Inc. from Xiaobo An, founder, Chairman and Chief Executive Officer of Xiaobai Maimai Inc. at an aggregate purchase price equal to the market value of the shares as of the date of the agreement. Within five business days of the date of the agreement, Webao Limited shall deposit the purchase price in the escrow account. Following the sale, Xiaobo An will not hold any stake in Xiaobai Maimai Inc. The closing is subject to certain conditions including the seller shall have obtained in a timely fashion any all consents, permits and waivers necessary or appropriate for consummation of the transaction, Webao Limited has deposited the purchase price to the escrow account of the escrow agent and others. The closing shall take place on or about July 9, 2021. Webao Limited completed the acquisition of 65.5% stake in Xiaobai Maimai Inc. (NasdaqGM:HX) from Xiaobo An on July 13, 2021.