Juneyao Airlines Co., Ltd (SHSE:603885) agreed to acquire Shanghai Huarui Hu 11 Aircraft Leasing Co., Ltd. and Shanghai Huarui Hu 12 Aircraft Leasing Co., Ltd. and Shanghai Huarui Hu 28 Aircraft Leasing Co., Ltd. from Shanghai Huarui Financial Leasing Co., Ltd. for approximately CNY 285 million on December 12, 2022. As per the terms of agreement, Juneyao Airlines will acquire 100% equity of Huarui Hu 11 from Huarui Leasing in cash and stock. Juneyao Airlines will pay CNY 17.57457398 million and Within 5 working days after the agreement is signed and becomes effective, Juneyao Airlines shall pay 50% of transfer price and pay remaining amount Within one year after the completion of the industrial and commercial registration.

Juneyao Airlines will acquire 100% equity of Huarui Hu 12 from Huarui Leasing in cash. Juneyao Airlines will pay Huarui Leasing CNY 30.19017 million and Within 5 working days after the agreement is signed and becomes effective, Juneyao Airlines shall pay 50% of transfer price and pay remaining amount Within one year after the completion of the industrial and commercial registration. Juneyao Airlines will acquire 100% equity of Huarui Hu 28 from Huarui Leasing in cash.

Juneyao Airlines will pay Huarui Leasing CNY 21.877421 million and Within 5 working days after the agreement is signed and becomes effective, Juneyao Airlines shall pay 50% of transfer price and pay remaining amount Within one year after the completion of the industrial and commercial registration. Shanghai Huarui Hu 11 Aircraft, Shanghai Huarui Hu 12 Aircraft and Shanghai Huarui Hu 28 Aircraft has reported total assets of CNY 747.1669 million and net assets of CNY 14.4364 million on October 31, 2022. The board of Shanghai AJ Group Co., Ltd. has approved the deal on December 12, 2022.

As of December 13, 2022, The board of Juneyao Airlines has approved the acquisition of Shanghai Huarui Hu 28 Aircraft, Huarui Hu 12 and Huarui Hu 11 at 4th directorate for 2022 was held on December 12, 2022.