JiangSu Communications Holding Co., Ltd. agreed to acquire a 11.98% stake in Jiangsu Kuailu Motor Transport Co., Ltd from Jiangsu Expressway Company Limited (SEHK:177) on August 27, 2021. JiangSu Communications Holding Co., Ltd. entered into the equity transfer agreement to acquire a 11.98% stake in Jiangsu Kuailu Motor Transport Co., Ltd from Jiangsu Expressway Company Limited for CNY 16.8 million on September 28, 2021. Consideration will be paid in lump sum payment. Under the transaction, JiangSu Communications Holding will acquire 18 million shares in Jiangsu Kuailu Motor Transport. Post transaction, JiangSu Communications Holding will have 11.98% stake and Jiangsu Expressway Company will have 21.22% stake in Jiangsu Kuailu Motor Transport. If JiangSu Communications Holding fails to pay the full amount of the transfer consideration in accordance with the Equity Transfer Agreement, it shall pay 0.3% of overdue and unpaid amount as liquidated damages for each overdue day. Jiangsu Kuailu Motor Transport reported total assets of CNY 217.98 million, net assets of CNY 162.82 million, operating revenue of CNY 79.82 million, total loss of CNY 19.03 million and net loss of CNY 19.6 million for the year ended December 31, 2020. Transaction has been approved by all the board of directors of Jiangsu Expressway Company Limited. Jiangsu Expressway Company Limited will use proceeds from the transaction as general working capital.