Yang Jinxi, General Manger of Beijing Shengci Technology Co., Ltd. and Liu Xiaohui signed a transfer agreement to acquire an additional 70% stake in Beijing Shengci Technology Co., Ltd. from Ningbo Yunsheng Co., Ltd. (SHSE:600366) for CNY 56 million on December 16, 2021. Under the transaction, Yang Jinxi will acquire 34% stake for CNY 27.2 million and Liu Xiaohui will acquire 36% stake for CNY 28.8 million. Yang Jinxi and Liu Xiaohui, both currently holds 15% stake each in Beijing Shengci Technology. Post transaction, Yang Jinxi will have 49% stake and Liu Xiaohui will have 51% stake in Beijing Shengci Technology. Beijing Shengci Technology reported total assets of CNY 183.3 million, total liabilities of CNY 70.1 million, net assets of CNY 113.1 million, operating income of CNY 146.9 million, operating loss of CNY 18.9 million and net loss of CNY 26.8 million for the year ended December 31, 2020. Beijing Shengci Technology reported total assets of CNY 162.7 million, total liabilities of CNY 75 million and net assets of CNY 87.7 million for the year ended September 30, 2021. Transaction has been approved by Zhu Xiaodong, Chairman of Ningbo Yunsheng Co., Ltd. Board of directors of Ningbo Yunsheng Co., Ltd. authorizes the Chairman of the board to decide the company's various investments, asset mortgages and other matters within 5% of the company's most recent audited net assets, and the approval procedures shall be implemented in accordance with the company's financial system. It is expected that this asset sale transaction will reduce Ningbo Yunsheng's profit before tax by CNY 1.3 million. Ningbo Yunsheng will use the funds from this equity transfer to supplement the company's liquidity.