Guangzhou Grandbuy Co., Ltd. (SZSE:002187) agreed to acquire Guangzhou Friendship Group Co., Ltd. from Guangzhou Guangshang Capital Management Co., Ltd, Guangzhou Guangshang Xinshi Industrial Investment Fund Partnership Enterprise (Limited Partnership), BOC Financial Asset Investment Co., Ltd. and JIC Huawen Investment Ltd.(sellers) for CNY 5.3 billion on June 12, 2020. Pursuant to the terms, Guangzhou Grandbuy will pay CNY 1.7 billion in cash and will issue 273.5 million shares as consideration. In related transaction, Guangzhou Grandbuy Co., Ltd. will issue 84.8 million shares to China Life Insurance Co., Ltd and will use the proceeds of CNY 700 million to finance the cash portion of consideration. Guangzhou Guangshang Capital will receive CNY 1.7 billion cash and 123.1 million shares against its 68.92% stake, Guangzhou Guangshang Xinshi and BOC Financial will each receive 62.7 million shares against their stake of 12.95% and JIC will get 25.1 million shares for 5.18% stake. This Transaction is subject to State-owned Assets Supervision and Administration’s Filing, Guangzhou Grandbuy Co., Ltd’s Directorate’s approval of the official plan, Guangzhou Grandbuy Co., Ltd’s shareholders’ approval, CSRC’s approval, sellers' internal decision making institutions approval of the official plan and other necessary approvals. The transaction was approved by the Board of Guangzhou Grandbuy Co., Ltd and also obtained sellers' internal decision making institutions approval. State-owned Assets Supervision and Administration approved the transaction as reported on September 19, 2020. Ping An Securities Co., Ltd. and Guotai Junan Securities Co., Ltd. acted as financial advisor, Grandway Law Offices acted as legal advisor and Mazars Certified Public Accountants LLP acted as an accountant to Guangzhou Grandbuy Co., Ltd. Guangzhou Grandbuy Co., Ltd. (SZSE:002187) completed the acquisition of Guangzhou Friendship Group Co., Ltd. from Guangzhou Guangshang Capital Management Co., Ltd, Guangzhou Guangshang Xinshi Industrial Investment Fund Partnership Enterprise (Limited Partnership), BOC Financial Asset Investment Co., Ltd. and JIC Huawen Investment Ltd. on May 27, 2021. On May 27, 2021, the Market Supervision Administration of Guangzhou issued the business license.