Zhongyeda Electric Co., Ltd. (SZSE:002441) signed an agreement to acquire Suzhou Laiyifen Logistics Co., Ltd. from Shanghai Laiyifen Co.,Ltd (SHSE:603777) for approximately CNY 170 million on April 15, 2021. Under the term, the consideration will be paid in four installment. Transfer price of CNY 140 million will be paid within five working days from the date when this agreement becomes effective and the preconditions for the first phase of equity transfer price have been fulfilled, CNY 10 million will be paid within three working days after all the preconditions for the second phase of equity transfer price have been fulfilled, CNY 12.7 million will be paid within three working days after the preconditions of the third phase of equity transfer price have been fully realized and the remaining CNY 10 million will be paid within five working days from the date when the prerequisites for the fourth phase of equity transfer price have been fulfilled.

As of December 31, 2020, Suzhou Laiyifen Logistics Co., Ltd. reported total assets of CNY 115.91 million, net assets of CNY 112.38 million, revenue of CNY 4.84 million, EBIT of CNY 2.97 million and net profit of CNY 2.2 million. The transaction was approved by the board of director of Shanghai Laiyifen Co.,Ltd's on the tenth meeting of the fourth board of directors held on April 15, 2021.