Qu Zhaoqiang agreed to acquire 59.95% stake in Yantai Jinhui Machinery Equipments Co., Ltd from Qingdao Huijintong Power Equipment Co.,Ltd. (SHSE:603577) for CNY 21.68 million on March 23, 2022. Qu Zhaoqiang will pay the seller 50% of the equity transfer price under this agreement, namely CNY 10.8 milllion within 10 working days after the effective date of this agreement; the seller shall go through the formalities for the change of shareholders in industry and commerce after receiving the said equity transfer payment; the buyer shall pay the remaining 50% of the equity transfer price, namely RMB 10.84 million, within 10 working days after the completion of the industrial and commercial registration of the target company's shareholder change. On March 23, 2022, the 3rd session of Qingdao Huijintong Power Equipment Co., Ltd 4th directorate approved the transaction. Qu Zhaoqiang owns 16.02% stake and post acquisition, Qu Zhaoqiang and his controlled entity will own 75.92% stake Yantai Jinhui Machinery Equipments Co., Ltd.