Hefei Bailu Zhongce Information Technology Partnership Enterprise (Limited Partnership), Liang Qiang, Chen Renbei, Wan Genghua, Chang Houxi and Guo Qing singed an agreement to acquire a 56% stake in Anhui Bailu Electronic Technology Co., Ltd. from AnHui Wanyi Science and Technology Co., Ltd. (SHSE:688600) for CNY 14 million on March 9, 2022. Liang Qiang shall pay CNY 1 million as a deposit within 7 days after the signing of this agreement, all the buyers shall pay 20% of the total consideration within 30 days after the signing of the agreement (deducting the aforementioned CNY 1 million deposit) and the remaining 80% of the total consideration shall be paid by the buyer within 6 months from the date of signing this agreement, in accordance with their respective proportions of stake being acquired. As part of the transaction, Liang Qiang will acquire 25% stake for CNY 6.25 million, 9% stake by Chen Renbei for CNY 2.25 million, 8% stake by Wan Genghua for CNY 2 million, 5% stake each by Chang Houxi and Hefei Bailu Zhongce Information Technology for CNY 1.25 million each, and 4% stake by Guo Qing for CNY 1 million in Anhui Bailu Electronic.

For the year ended December 31, 2021, Anhui Bailu Electronic reported Total assets of CNY 29.48 million, Net assets of CNY 18.05 million, Revenue of CNY 23.82 million, and Net profit of CNY 3.22 million. The transaction is approved by the board of AnHui Wanyi Science and Technology.