Shanghai Qiangsheng Transportation (Group) Co., Ltd. agreed to acquire Shanghai J.Y Ba-Shi Passenger Transport (Group) Co., Ltd. from Shanghai Jiao Yun Group Co., Ltd. (SHSE:600676) for approximately CNY 690 million on November 22, 2022. The transaction was approved by Shanghai Jiao Yun Group Co., Ltd. (SHSE:600676) 14th meeting of the eighth board of directors. This transaction still needs to be submitted to the Shanghai Jiao Yun Group Co., Ltd. general meeting of shareholders and to be approved by the State-owned Assets Supervision and Administration Commission.

The transaction is expected to close by December 31, 2022. For the year ended, June 30, 2022, Shanghai J.Y Ba-Shi Passenger Transport (Group) Co., Ltd. total asset is CNY 738 million ant owners equity is CNY 492 million. As on December 9, 2022, The shareholders of Shanghai Jiao Yun Group approved the deal on December 8, 2022.