Guangdong Guangwu Holding Group Co.,Ltd entered into framework agreement to acquire 17.94% stake in East Group Co.,Ltd (SZSE:300376) from Guangdong Hengrui Equity Investment Partnership Enterprise (Limited Partnership) on December 11, 2022. Guangdong Guangwu Holding Group Co.,Ltd esigned the share transfer agreement to acquire 17.94% stake in East Group Co.,Ltd (SZSE:300376) from Guangdong Hengrui Equity Investment Partnership Enterprise (Limited Partnership) on January 8, 2023. Under the terms, Guangdong Guangwu Holding will pay CNY 6 per share in cash for the 417.56 million shares.

Post acquisition, Guangdong Hengrui Equity Investment Partnership will no longer hold any shares in East Group. The transaction is approved by board of directors of Guangdong Guangwu Holding Group Co.,Ltd.