Shenyang Wanrun New Town Investment Management Company Limited agreed to acquire Shenyang Lixiang New Town Development Co.,Ltd. from China New Town Development Company Limited (SEHK:1278) for RMB 740 million approximately on June 30, 2022. The Shareholders of the Company having approved the Agreement at the EGM. Completion of the registration of the transfer of the Sale Equity with the relevant PRC authorities shall be made within 10 working days after the receipt by the Vendor of the First Consideration Installment.