Chongqing Huiyang Holdings Co., Ltd agreed to acquire 51% stake in Lifan Financing Leasing (Shanghai) Co., Ltd. from Lifan Industry (Group) Co., Ltd (SHSE:601777) for approximately CNY 470 million on December 14, 2017. Board of Directors of Lifan Industry (Group) Co., Ltd approved the transaction on December 14, 2017. Shareholders of Lifan Industry (Group) Co., Ltd approved the transaction on December 25, 2017. Chongqing Huiyang Holdings Co., Ltd cancelled the acquisition of 51% stake in Lifan Financing Leasing (Shanghai) Co., Ltd. from Lifan Industry (Group) Co., Ltd (SHSE:601777) on July 11, 2019.