Launch Tech Company Limited (SEHK:2488) entered into a equity transfer agreement to acquire 20% in Shenzhen Yicheng Autopilot Technology Co., Ltd. from Mr. Liu Xin for CNY 70 million on December 17, 2021. The Consideration shall be CNY 70 million. Launch Tech Company Limited intends to settle the Consideration by way of internal resources of the Group. The Consideration shall be paid in the following manners: (i) a deposit in the amount of CNY 21 million (representing 30% of the Consideration) shall be paid within three (3) days following the signing of the Equity Transfer Agreement; and (ii) the remaining balance in the amount of CNY 49 million (representing 70% of the Consideration) shall be paid upon Completion. The holders of equity interests in Shenzhen Yicheng Autopilot Technology Co., Ltd., have agreed in writing to give up its pre-emptive right to purchase the Sale Interests, in such regard, Mr. Liu Xin will provide Launch Tech Company Limited with the relevant consent letters from such holders of equity interests in the Target Company. The approval to the Equity Transfer Agreement and the transactions contemplated thereunder from the Independent Shareholders at the SGM to be convened having been obtained from the Independent Shareholders. all necessary authorisations and approvals required (pursuant to all applicable authorisations and approvals necessary from governmental or regulatory authorities, if any) in connection with the transactions contemplated under the Equity Transfer Agreement having been obtained. The Purchaser having been reasonably satisfied with such results of the due diligence conducted in relation to, inter alia, the legal and financial aspects of the Target Company. The transaction is expected to close on February 28, 2021. Sorrento Capital Limited acted as financial advisor for Launch Tech Company Limited. Masterpiece Valuation Advisory Limited did appraisal of the value of the Sale Interests.

Launch Tech Company Limited (SEHK:2488) cancelled the acquisition of 20% in Shenzhen Yicheng Autopilot Technology Co., Ltd. from Mr. Liu Xin for CNY 70 million on September 8, 2022.