Jinan Hi-tech Holding Group Co., Ltd. signed the equity transfer agreement to acquire 24% stake in Jiangsu Yulong Steel Pipe Co., Ltd. (SHSE:601028) from Lhasa Zhihe Science and Technology Development Co., Ltd. for CNY 1.3 billion on January 19, 2020. Lhasa Zhihe Science and Technology Development Co., Ltd. will transfer 187.9 million shares for CNY 7.02 per share. Within 3 working days from the date of the signing of this agreement, the acquirer will pay a first installment of CNY 350 million. Within one working day after the Shanghai Stock Exchange's confirmation is obtained for the present share transfer, the acquirer will pay a second installment of CNY 600 million. After delivery of underlying equity, the acquirer will pay a 3rd installment of CNY 369.2 million. After transfer, Lhasa Zhihe Science and Technology Development Co., Ltd. will no longer hold any equity.