Bairong Ruicheng Information Technology Co., Ltd. entered into the equity transfer agreement to acquire 52% stake in Beijing All Union Technology Corp. from Beijing Shuzhi Technology Co., Ltd. (SZSE:300038), Jiaxing Blue Ocean Investment Partnership (Limited Partnership), Beijing Dayou Yanyuan Investment Management Center (Limited Partnership), Chen Li, Mr. Wang Kun, Zhao Min, Zheng Yanling, Li Cheng, Gao Hongshu, Zhang Zhengyu, Xiang Qin and Li Chenxi for approximately CNY 160 million on October 8, 2021. Prior to transaction, Beijing All Union Technology is held by Beijing Shuzhi (13.35%), Chen Li (23.91%), Beijing Dayou Yanyuan Investment Management Center (5.41%), Jiaxing Blue Ocean Investment Partnership (0.99%), Wang Kun (1.73%), Zhao Min (1.71%), Zheng Yanling (1.14%), Li Cheng (0.99%), Gao Hongshu (0.99%), Zhang Zhengyu (0.99%), Xiang Qin (0.35%) and Li Chenxi (0.44%). The transaction will be financed by the portion of the net proceeds from the Global Offering of approximately HKD516.1 million (equivalent to approximately CNY 427.5 million) designated for selectively pursuing strategic investments and acquisitions. The transaction is subject to consummation of due diligence and regulatory approval. For the year ending December 31, 2020, Beijing All Union Technology reported revenues of CNY 157 million and net loss of CNY 6.2 million.