Shanghai Guosheng Group Assets Co., Ltd. signed the share transfer agreement to acquire an additional 6% minority stake in Shanghai Chinafortune Co., Ltd. (SHSE:600621) from Shanghai Feilo Acoustics Co., Ltd (SHSE:600651) for CNY 1 billion on November 16, 2021. Shanghai Guosheng Group will acquire 63,674,473 shares at a price of CNY 16.32 per share. Shanghai Guosheng Group Assets Co., Ltd. will hold 9.99% stake and Shanghai Chinafortune will not hold in any stake in Shanghai Chinafortune post transaction.

Share Transfer Agreement needs to be reviewed and approved by the State-owned Assets Supervision and Administration Authority. As of November 22, 2021, parties obtained approval from State-owned Assets Supervision and Administration Authority and still needs to get confirmation from Shanghai Stock Exchange and registered and settled in China Securities.