Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd. signed a memorandum of understanding to acquire remaining 49% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) on November 16, 2020. As at September 30, 2020, Guangzhou Suifang Honghua Technology Development had total assets worth CNY 332.8 million and net assets worth 121.9 million. For the 12 months ending December 31, 2019, Guangzhou Suifang Honghua Technology Development had revenues of 2.4 million and net loss of 29.2 million. Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd. cancelled the acquisition of remaining 49% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Pearl River Industrial Development Co., Ltd. (SHSE:600684) on March 2, 2021. As agreed in the initial MoU, since the initial contract was not fulfilled, Guangzhou Pearl River Industrial Development Co., Ltd will now acquire the remaining 51% stake in Guangzhou Suifang Honghua Technology Development Co., Ltd. from Guangzhou Zhongqiao Property Investment Holding Group Co., Ltd for CNY 1.