Zhongbing Investment Management Co., Ltd. entered into an equity transfer agreement to acquire additional 5% stake in Ling Yun Industrial Corporation Limited (SHSE:600480) from North Lingyun Industrial Group Co., Ltd. for approximately CNY 260 million on May 9, 2020. Under the terms, Zhongbing Investment will acquire 27.42 million shares at a price of CNY 9.5 per share. Within 5 working days after the signing of this agreement, Zhongbing shall pay the amount of 30% of the target share transfer price as a security deposit, and the remaining price (70% of the transfer price) shall be fully settled before the transfer of shares. Zhongbing Investment Management Co., Ltd. completed the acquisition of additional 5% stake in Ling Yun Industrial Corporation Limited (SHSE:600480) from North Lingyun Industrial Group Co., Ltd. on June 15, 2020. Zhongbing owns 12.72% stake and North Lingyun Industrial owns 33.36% stake in Ling Yun Industrial post completion.