Sichuan Rongxin Hongzi Technology Co., Ltd agreed to acquire a 22.07% stake in Anhui Xinke New Materials Co.,Ltd (SHSE:600255) from Khorgos Chuanshan Culture Media Co., Ltd. for CNY 1.1 billion on June 22, 2022. On July 5, 2022, Sichuan Rongxin Hongzi Technology Co., Ltd. signed the an agreement with Khorgos Chuanshan Culture Media Co., Ltd to acquire 510 million shares at CNY 2.09 per share. The total amount of funds raised from this non-public offering of shares shall not exceed CNY 1,065.90 million.