Shanghai Lingyi Technology Co., Ltd. signed share transfer framework agreement to acquire 23.93% stake in Anshan Heavy Duty Mining Machinery Co., Ltd. (SZSE:002667) from Yang Yongzhu and Wen Ping for approximately CNY 770 million on October 10, 2020. On October 27, 2020, Shanghai Lingyi Technology Co., Ltd. signed share transfer agreement to acquire 23.93% stake in Anshan Heavy Duty Mining Machinery Co., Ltd. (SZSE:002667) from Yang Yongzhu and Wen Ping. As a result of the transaction, the controlling shareholder of Anshan Heavy Duty Mining Machinery Co., Ltd., is set to change. Shanghai Lingyi Technology Co., Ltd. will acquire 15.1% stake from Yang Yongzhu corresponding to 34.9 million shares and 8.83% from Wen Ping corresponding to 20.4 million shares. Yang Yongzhu received a deposit of CNY 52 million from Shanghai Lingyi Technology Co., Ltd. on October 12, 2020. The actual controller of the company will be changed to Huang Da. Payment of the first transaction price will be payed Within 3 working days after the share transfer agreement comes into effect and the bank supervision account is opened, the Shanghai Lingyi Technology Co., Ltd. should pay a total of CNY 380 million in transaction consideration to the bank supervision account for the first time. The transaction was approved by the shareholders of Anshan Heavy Duty Mining Machinery Co., Ltd.