Changshu Fengfan Power Equipment Co., Ltd. (SHSE:601700) signed an agreement to acquire BeijingAll Fortune Technology Co.,Ltd. from a group of sellers for approximately CNY 470 million on April 6, 2021. Changshu Fengfan Power Equipment acquired 80.98%, 13.95%, 1.35%, 0.93%, 0.47%, 0.37%, 0.37%, 0.23%, 0.23%, 0.19%, 0.14%, 0.14%, 0.14%, 0.14%, 0.14%, 0.14% and 0.09% stakes from Wang Xiaomei, Meng Jian, Wang Bo, Ling Hong, Lei Chongwen, Zhang Xinyuan, Ma Guangyuan, Zhang Meijing, Li Yingzhe, Wang Rui, Zhou Zhengying, Hou Hong Lu, Li Chunli, Feng Yatao, Chen Hong, Zhang Yan and Fang Xin. Under the terms, 60% of payment will be made within 20 working days from completion of industrial and commercial change registration, 20% payment shall be subject to earmarked for the personal income tax, 15% payment shall be paid within 20 days when Wang Xiaomei and Meng Jian on December 31, 2022 has actually reached or exceeded 100% and rest 5% payment within 20 days when perform the special stock purchase obligations. Wang Xiaomei and Meng Jian The financials of BeijingAll Fortune Technology for the financial year 2020 are total assets of CNY 186.9 million, owner's equity of CNY 151.3 million, operating revenues CNY 78 million, operating profit CNY 40.4 million and net profit of CNY 34.97 million.The transaction is approved by the Board of Directors of Changshu Fengfan Power Equipment.