Huzhou Xiexing Investment Development Co., Ltd. signed a Share Transfer Agreement to acquire 21.8% stake in Flower King Eco-Engineering Inc. (SHSE:603007) from Huawang International Construction Group Co., Ltd. for approximately CNY 850 million on November 9, 2020. As per terms of transaction, Huzhou Xiexing Investment Development Co., Ltd. will acquire 73 million shares of Flower King Eco-Engineering Inc. Post completion, controlling shareholder of the Flower King Eco-Engineering Inc. will be changed to Huzhou Xiexing Investment Development Co., Ltd., and the actual controller will be changed to the State-owned Assets Supervision and Administration Commission of the Huzhou Municipal People's Government. The transaction has passed the anti-monopoly review by the State Administration for Market Regulation on the concentration of undertakings. The deal has been reviewed and approved by third extraordinary general meeting of shareholders of Flower King in 2020; the transaction still needs to be approved by the state-owned assets authority.