Luo Jianping and Guo Yiqin agreed to acquire Shenzhen Hazens Automotive Electronics Co., Ltd. from Guangdong Shenglu Telecommunication Tech. Co., Ltd. (SZSE:002446) for approximately CNY 480 million on May 18, 2020. As per terms of the consideration, CNY 24 million will be paid within 10 days from the date of entry into force of the agreement, CNY 24 million will be paid within 10 days after the completion of the delivery of Shenzhen Hazens Automotive Electronics equity, CNY 72 million will be paid before December 31, 2020, for Shenzhen Hazens Automotive Electronics debt, CNY 180 million will be paid before June 30, 2021, for subject creditor's right transfer and before December 31, 2021, the final price of the final bid which is the remaining subject creditor ’s rights transfer and performance compensation commitments, totaling CNY 180 million will be paid. In a transaction, Luo Jianping will acquire 55% stake and Guo Yiqin will acquire 45% stake. For the year ended December 31, 2019, Shenzhen Hazens Automotive Electronics Co., Ltd. reported total assets of CNY 836.7 million, net assets of CNY 6.8 million, operating revenues of CNY 334.6 million, operating loss of CNY 188.6 million and net loss of CNY 159.2 million. The transaction is approved by the 21st meeting of the 4th board of directors of Guangdong Shenglu Telecommunication Tech. Co., Ltd.