Guangdong Tairong Industrial Investment Co., Ltd. agreed to acquire Dongguan Kangye Investment Co., Ltd. from Changyuan Group Ltd. (SHSE:600525) for CNY 280 million on August 26, 2020. As part of the transaction, the parties agreed to sign the "Debt Substitution Agreement", stipulating that Guangdong Tairong Industrial Investment Co., Ltd. repays CNY 74 million to Changyuan Group Ltd. on behalf of Dongguan Kangye Investment Co., Ltd. Within 5 working days from the effective date of this agreement, the fund supervision account established by Guangdong Tairong Industrial Investment Co., Ltd. in the name of Guangdong Tairong Industrial Investment Co., Ltd. will pay CNY 184 million for equity transfer. The second phase of equity transfer payment: within three working days from the completion of the industrial and commercial change registration of the equity transfer (according to the national enterprise credit information publicity system or the "Approval and Registration Notice" issued by the enterprise registration authority, the same below), Guangdong Tairong Industrial Investment Co., Ltd. the bank must be instructed to make a lump-sum payment of CNY 84 million of supervision funds to the receiving account designated by Changyuan Group Co., Ltd. Dongguan Kangye Investment Co., Ltd. reported total assets of CNY 116.4 million, total common equity of CNY 38.4 million, total revenues of CNY 10.3 million and net loss of 0.9 million. The transaction was approved by the company's Board of Directors and does not need to be submitted to the general meeting of shareholders for review.