Xiamen C&D Inc. (SHSE:600153) signed a framework agreement to acquire 29.95% stake in Red Star Macalline Group Corporation Ltd. (SEHK:1528) from Red Star Macalline Holding Group Company Limited for approximately CNY 6.3 billion on January 13, 2023. Xiamen C&D will be interested in 1304.242436 million Shares, representing approximately 29.95% of the total issued share capital oRed Star Macalline Group Corporation Ltd. After the signing of the Framework Agreement, Xiamen C&D has agreed to pay an amount of earnest money into an account jointly established with RSM Holding under the name of Xiamen C&D. The agreement is subject to due diligence, regulatory approval, antitrust approval. As of January 17, 2023 Xiamen C&D Inc. (SHSE:600153) entered into definitive agreement to acquire 29.95% stake in Red Star Macalline Group Corporation Ltd. (SEHK:1528) from Red Star Macalline Holding Group Company Limited for approximately CNY 6.29 billion. Shares at a consideration of CNY 6.29 billion based on the per share price of 4.82 per Sale Share. As on January 13, 2023, Transaction has been approved by Xiamen's board. Core management team of the Company shall remain stable for the three (3) years following the date of the Formal Agreement. The transaction would be terminated if not being approved by the relevant anti-monopoly authority, or any material breach or anticipated breach of the Framework Agreement by RSM Holding or Che. On February 15, 2023, the company held the first extraordinary general meeting of shareholders in 2023, and reviewed and approved the "Proposal on Exempting and Changing the Company's Controlling Shareholder and Actual Controller's Shareholding Intent and Commitment to Reducing Intent". As of April 12, 2023, Red Star Holding received a notice that Xiamen C&D received the "Decision on No Further Review of Concentration of Operators in the Anti-Monopoly Review" issued by the State Administration for Market Regulation. The State Administration for Market Regulation has decided not to conduct further review on the acquisition of the company's equity by Xiamen C&D, and Xiamen C&D can implement concentration from now on. As of April 27, 2023, Xiamen C&D and Lianfa Group Co., Ltd entered into supplemental agreement pursuant to which Xiamen C&D and Lianfa Group Co., Ltd. has agreed to receive 1.04 billion Shares and 261.28 million Shares representing 23.95% and 6.00% of the Red Star Macalline Group Corporation being a total of 1.3 billion Shares. As of May 22, 2023, The transaction got approved by State-owned Assets Supervision and Administration Commission. As of June 16, 2023, the shareholders of Xiamen C&D, approved the transaction.

Xiamen C&D is required to pay earnest money into the Joint Account upon RSM Holding providing relevant security over A Shares of the Company held by it in favour of Xiamen C&D.