Fujian Province Bailout No. 1 Equity Investment Partnership signed an agreement to acquire 5% stake in Fujian Snowman Co., Ltd. from Lin Rujie for approximately CNY 250 million on December 19, 2019. Under the terms of the transaction, Fujian Province Bailout No. 1 Equity Investment Partnership will acquire 33,703,700 shares in the Fujian Snowman as held by Lin Rujian. The 30% of the transaction price payable within five days since all condition fulfilled and remaining 70% of the transaction price payable within five days since delivery of underlying equity. The parties completed the necessary decision-making and approval procedures for the transfer of the target shares.