Xu Songda agreed to acquire 5.14% stake in Ningbo Cixing Co.,Ltd. (SZSE:300307) from Ningbo YuRen Investment Co., Ltd. and Yuren Enterprise Co., Ltd. for approximately CNY 190 million on July 24, 2020. The consideration will be paid in tranches. Under the terms, Xu Songda will acquire 20.1 million shares from Ningbo YuRen Investment Co., Ltd. and 20 million shares from Yuren Enterprise Co., Ltd. at an offer price of CNY 4.8 per share. Post completion, Ningbo YuRen Investment Co., Ltd. will hold 20.81% stake and Yuren Enterprise Co., Ltd. will hold 17.39% stake in Ningbo Cixing Co.,Ltd. Xu Songda completed the acquisition of 5.14% stake in Ningbo Cixing Co.,Ltd. (SZSE:300307) from Ningbo YuRen Investment Co., Ltd. and Yuren Enterprise Co., Ltd. on December 9, 2020.