QingHaiHuaDing Industrial CO.,LTD. (SHSE:600243) signed the Letter of Intent for Equity Acquisition of 60% stake in Guangzhou Ruifeng Culture Communication Co., Ltd. from Guangzhou Ruifeng Audio Technology Co.,Ltd. on June 1, 2021. QingHaiHuaDing signed the equity transfer agreement to acquire 70% stake in Guangzhou Ruifeng from Guangzhou Ruifeng Audio Technology Co.,Ltd. for approximately CNY 280 million on July 2, 2021. Within 5 days from the date of signing this agreement, QingHaiHuaDing shall pay a deposit of CNY 30 million to Guangzhou Ruifeng Audio Technology. QingHaiHuaDing shall pay the first installment of 70% of the total equity transfer price before August 16, 2021, the second installment of 20% of the total equity transfer price before December 31, 2021 and the third installment of 10% of the total equity transfer price before March 31, 2022. As of February 28, 2021, Guangzhou Ruifeng had total assets of CNY 192.3 million and net assets of CNY 81.1 million. The transaction has been approved by Board of Directors of QingHaiHuaDing and subjected to approval from shareholders of QingHaiHuaDing. On July 20, 2021, the shareholders of QingHaiHuaDing approved the transaction.