Shanghai Tuopai Asset Management Co., Ltd. entered into a share transfer agreement to acquire 5% stake in Hunan Baili Engineering Sci&Tech Co.,Ltd (SHSE:603959) from Tibet Xinhai New Venture Capital Co., Ltd. for CNY 400 million on December 18, 2021. As per terms, the consideration shall be paid in cash in three phase as CNY 2 million within two working days of the signing of the equity transfer, CNY 48 million within three working days of obtaining the compliance review confirmation letter from the Shanghai Stock Exchange, CNY 5 million as a third phase transfer within three working days after the completion of the transfer procedures of China Securities Depository and Clearing Co., Ltd., CNY 100 million within three months after the payment of the third share transfer price, fifth phase of share transfer is CNY 204.496675 million within 3 months from 4th phase transfer by Shanghai Tuopai Asset Management Co., Ltd. to acquire 24.514950 million share at CNY 16.5 per share. Post completion, Tibet Xinhai New Venture Capital Co., Ltd. stake in Hunan Baili Engineering will reduce from 40.67% to 35.67%.