Hangzhou Changchuan Technology Co.,Ltd (SZSE:300604) agreed to acquire remaining 97.6687% stake in EXIS TECH SDN. BHD. from Hangzhou Paradise Silicon Valley Yunpei Equity Investment Partnership Enterprise (Limited Partnership), Jinggangshan Lecheng Equity Investment Partnership Enterprise (Limited Partnership) and Lee Heng Lee for approximately CNY 270 million on January 10, 2022. As of March 14, 2022, the deal value revised to approximately CNY 280 million. Hangzhou Changchuan Technology Co.,Ltd entered into share agreement to acquire remaining 97.6687% stake in EXIS TECH SDN. BHD. from Hangzhou Paradise Silicon Valley Yunpei Equity Investment Partnership Enterprise (Limited Partnership), Jinggangshan Lecheng Equity Investment Partnership Enterprise (Limited Partnership) and Lee Heng Lee on January 21, 2022. As a consideration, Hangzhou Changchuan Technology Co.,Ltd will issue total 6791655 shares at CNY 40.27 per share. Paradise Silicon Valley Hangshi will receive 4863341 shares, Lee Heng Lee will receive 4279869 for its 18.4054% and Jinggangshan Lecheng will receive 648445 shares. The transaction will be financed from Hangzhou Changchuan Technology Co.,Ltd issue of A shares to not more than 35 special investors. Exis Tech has a total assets of CNY 345 million and net assets of CNY 256 million as of September 30, 2021. On March 11, 2022, Hangzhou Changchuan held the 6th Meeting of the 3rd Directorate, and approved the above. Exis Tech Sdn Bhd’s shareholders meeting has approved the acquisition. The transaction is subject to, after the completion of the EXIS TECH's audit and appraisal works, Hangzhou Changchuan Technology would need to hold another directorate to approve this transaction, approval from Hangzhou Changchuan Technology shareholder's, Shenzhen Stock Exchange and CSRC. The transaction has been approved by board of Paradise Silicon Valley Hangshi. AS of January 19, 2022, the transaction has been approved by board of Jinggangshan Lecheng’s. As of January 20, 2022, transaction has been approved by shareholders of Hangzhou Changchuan Technology. Hangzhou Paradise Silicon and Jinggangshan Lecheng Equity will use proceeds of CNY 123.35 million for Turret separator development and industrialization project, CNY 15 million for transactions fee and CNY 138.35 million for Supplement working capital. As of January 21, 2022, the transaction has been approved by board of Hangzhou Changchuan Technology. As on October 21, 2022, The board of Hangzhou Changchuan Technology has approved the deal and independent director's opinions on this transaction. Hangzhou Changchuan Technology received the Shenzhen Stock Exchange Listing Review Center issued the "GEM M&A and Reorganization Committee 2022 5th review meeting and Announcement on Approval of Listing Examination Center of Shenzhen Stock Exchange on December 14, 2022. As of January 2, 2023, China Securities Regulatory Commission has approved the transaction.

Cai Xiaohui, Jin Huadong, Li Zhaoyu and Luo Hao of Huatai United Securities Co., Ltd. acted as Independent Financial Advisor, Yan Huarong, Lian Huimei and Xu Yating of Grandall Law Firm acted as Legal Advisor and Li Zhengwei and Yu Jinbo of Pan-China Certified Public Accountants LLP acted as Accountant to Hangzhou Changchuan Technology.

Hangzhou Changchuan Technology Co.,Ltd (SZSE:300604) completed the acquisition of remaining 97.6687% stake in EXIS TECH SDN. BHD. from Hangzhou Paradise Silicon Valley Yunpei Equity Investment Partnership Enterprise (Limited Partnership), Jinggangshan Lecheng Equity Investment Partnership Enterprise (Limited Partnership) and Lee Heng Lee on June 14, 2023.