Hubei Hongtai State-owned Capital Investment Operation Group Co.,ltd. entered into an agreement to acquire a 7.85% stake in Tianfeng Securities Co., Ltd. (SHSE:601162) from Humanwell Healthcare (Group) Co.,Ltd. (SHSE:600079) for CNY 2.1 billion on March 31, 2022. Hubei Hongtai State-owned Capital Investment will acquire 680,087,537 shares at CNY 3.123 per share. Board of directors of Humanwell Healthcare (Group) Co.,Ltd approved the transaction.

The transaction is approved unanimously by the shareholders of Hubei Hongtai State-owned Capital Investment. This agreement transfer is still subject to the authorization, approval or filing documents that should be obtained by both parties in accordance with their Articles of Association and the relevant regulations on the management of state-owned assets and relevant provincial departments, including investors, and the China Securities Regulatory Commission. As of July 30, 2022 Department of Finance of Hubei Province approved the deal.

As on September 24, 2022, Hubei Hongtai received CNY 1,320 million has received in the first and second phase of the share transfer price paid by Hongtai Group and has completed the procedures for releasing the pledge of the underlying shares.