Jiao Ming signed a share transfer agreement to acquire 5.12% stake of Beijing Shuzhi Technology Co., Ltd. (SZSE:300038) from Shanghai Nuomu Investment Center (Limited Partnership) managed by Duce Capital Investment Management Partnership Limited, Zhang Zhiyong and Zhang Min for approximately CNY 490 million on June 15, 2020. Under the transaction, Jiao Ming will acquire 60 million shares at a price of CNY 8.12 per share.