NF Energy Saving Corporation (NasdaqCM:BIMI) entered into a stock purchase agreement to acquire BOQI ZHENGJI PHARMACY CHAIN CO., LTD. from Yu Zhang, Yunpeng Liu, Aiguo Leng, Xiaona Liu and Peng Shao for CNY 81.1 million on April 11, 2019. The purchase price is subject to post-closing adjustments. Pursuant to the terms of the transaction, NF Energy Saving Corporation will pay CNY 40 million in cash and 1.5 million shares. NF Energy plans to raise CNY 40 million in equity to fund the acquisition cost. This transaction is expected to close during the third or fourth quarter of 2019. As of October 4, 2019, transaction is anticipated to close during the fourth quarter of 2019. NF Energy Saving Corporation (NasdaqCM:BIMI) completed the acquisition of BOQI ZHENGJI PHARMACY CHAIN CO., LTD. from Yu Zhang, Yunpeng Liu, Aiguo Leng, Xiaona Liu and Peng Shao on October 2, 2019. On February 6, 2020, BOQI International Medical Inc., entered into an Amendment to Stock Purchase Agreement (the “Amendment”), to amend the Stock Purchase Agreement dated as of April 11, 2019, which contemplates substantial changes to the mechanism for the adjustment to the post-closing consideration. Under the Original Agreement, the total cash amount of the post-closing consideration, which is CNY 40 (the “Target Cash Consideration”), shall be subject to adjustment based on the appraised value of BOQI International Medical Inc. BOQI International Medical Inc., shall pay cash in the amount of CNY 40 million plus the Adjustment Amount, which is defined as the appraised value of the Company minus CNY 100 million, to the Sellers as part of the post-closing consideration (the Adjustment Amount may be a positive or negative number). Pursuant to the Amended Agreement, the Target Cash Consideration shall be adjusted according to the performance of BOQI International Medical Inc., in 2020. Specifically, if BOQI International Medical Inc., has at least 100,000 member customers as of December 31, 2020 (the “Target Customer Number”) and achieves a gross profit of at least CNY 20 million in 2020 (the “Target Profit Amount”), BOQI International Medical Inc., will pay the full amount of the Target Cash Consideration. If either the Target Customer Number or the Target Profit Amount is not met, the Target Cash Consideration will be adjusted downward based on the actual performance comparing to the targets. In the event thBOQI International Medical’s gross profit in 2020 is zero or a negative number, the Target Cash Consideration will not be paid.