Yancheng State-Owned Venture Capital Co., Ltd. signed equity purchase agreement to acquire Nanjing Jihang Trading Co., Ltd. from Nanjing Xinjiekou Department Store Co., Ltd. (SHSE:600682) for approximately CNY 170 million on September 30, 2019. The payment will be made within 3 working days after the signing of the agreement, both parties to the transaction shall establish a co-management account with the name of Nanjing Xinjiekou Department Store Co., Ltd., and Yancheng State-Owned Venture Capital Co., Ltd. shall remit CNY 10 million to the co-management account on the day of establishment as the deposit for this transaction. After Nanjing Xinjiekou Department Store Co., Ltd. provides a copy of the internal review procedure resolution required for the transaction, Yancheng State-Owned Venture Capital Co., Ltd. will transfer the transfer price of approximately CNY 159.9 million to the co-management account before the transfer of the shareholding change registration. On the day of the registration formalities for the change of the equity of Nanjing Jihang Trading Co., Ltd., the two parties transfer a total of CNY 19 million from the joint management account to Nanjing Xinjiekou Department Store Co., Ltd.'s account. The Nanjing Xinjiekou Department Store Co., Ltd. repays CNY 19 million to the transferor's owed to Nanjing Jihang Trading Co., Ltd. within 2 working days after receiving the payment. Within 2 working days after the completion of the registration change of the Nanjing Jihang Trading Co., Ltd.'s equity, and Nanjing Xinjiekou Department Store Co., Ltd. has transferred the management of Nanjing Jihang Trading Co., Ltd. to Yancheng State-Owned Venture Capital Co., Ltd., the two parties transfer a transfer amount of CNY 150.9 million from the co-management account to Nanjing Xinjiekou Department Store Co., Ltd. account. All procedures and payments for the above share transfer must be completed and paid in accordance with the agreed terms by October 28, 2019. For the year ended December, 2018, Nanjing Jihang Trading Co., Ltd. reported owners’ equity of CNY 73.2 million, revenue of CNY 2 million and net loss of CNY 0.6 million. The transaction was approved by by the 45th meeting of the 8th directorate Nanjing Xinjiekou Department Store Co., Ltd. The transaction is expected to close by October 28, 2019. Yancheng State-Owned Venture Capital Co., Ltd. cancelled to acquire Nanjing Jihang Trading Co., Ltd. from Nanjing Xinjiekou Department Store Co., Ltd. (SHSE:600682) on September 30, 2020.