Fineland Real Estate Services Group Limited (SEHK:9978) agreed to acquire Guangzhou Fangheng Technology Co., Ltd. from Fong Ming and Rong Haiming for CNY 4.5 million on June 10, 2021. The consideration shall be paid in cash within 90 days from the completion date. The Consideration will be financed by the internal resources of the Group.

For the year ending December 31, 2020, Guangzhou Fangheng Technology reported net income of CNY 1 million and had net asset value of approximately CNY 3.6 million as on December 31, 2020.