Hu Bin signed a share transfer agreement to acquire a 40% stake in Anhui Jingrui Optoelectronics Technology Co., Ltd. from Shanghai Smith Adhesive New Material Co., Ltd (SHSE:603683) for CNY 1 million on June 18, 2022. The consideration will be paid in full amount within 10 working days from the contract effective date. Anhui Jingrui Optoelectronics had total assets of CNY 186.37 million and net assets of CNY 14.65 million, as of April 30, 2022.

The transaction has been approved in the 23rd meeting of the Shanghai Smith Adhesive's 3rd Directorate held on June 18, 2022, and does not need the shareholders' approval.