Guangdong Champion Asia Electronics Co.,Ltd. (SHSE:603386) signed a framework agreement to acquire Sumitomo Electric Interconnect Products (Shenzhen), Limited from Sumitomo Electric Interconnect Products (Hong Kong) Limited on December 28, 2020. Sumitomo Electric Interconnect Products (Hong Kong) Limited will split its wholly-owned subsidiary Sumitomo Electric Interconnect Products (Shenzhen), Ltd., wherein the inheriting company will have the Flexible PCB business, and a new company will be established for the electronic wire business. The parties confirm that after the signing of this framework agreement, Guangdong Champion Asia Electronics Co., Ltd. shall appoint a third-party agency to carry out on-site due diligence on the target company from January 1, 2021, and shall request the agency to complete the on-site due diligence and issue a written due diligence report before February 28, 2021. Guangdong Champion Asia Electronics Co., Ltd. shall send the due diligence report to Sumitomo Electric Interconnect Products (Hong Kong) Limited within 2 days after receiving the due diligence report. The parties shall sign “Share Transfer Contract” before April 15, 2021. This transaction has obtained, Sumitomo Electric Interconnect Products (Hong Kong) Limited's Internal Decision-Making Institutions’ Approval and the approval of Guangdong Champion Asia Electronics Co.,Ltd.'s Board of Directors. The transaction is subject to the second approval of the Guangdong Champion Asia Electronics Co.,Ltd.'s Directorate after the target assets’ audit and assessment work are completed, also the approval from Guangdong Champion Asia Electronics Co.,Ltd.'s shareholders and few other necessary approvals.