Shanghai Trendzone Construction Decoration Group Co.,Ltd. (SHSE:603030) agreed to acquire an additional 17% stake in Shanghai Gaoxin Energy-Saving Technology Co., Ltd from Wu Zhiping, Di Xia and Zhao Hua for CNY 22 million on September 17, 2020. As per the transaction, Wu Zhiping sell 12% stake and will receive CNY 15 million, Di Xia sell 2% and will receive CNY 2.6 million and Zhao Hua sell 3% and receive CNY 3.9 million for Shanghai Gaoxin Energy-Saving Technology Co., Ltd. The consideration will be paid in cash. Within 15 days after Shanghai Trendzone Construction Decoration Group Co.,Ltd. has paid 50% of the transfer amount, the transferor shall cooperate with the company in handling relevant industrial and commercial changes. Within 15 days after the completion of the industrial and commercial change, Shanghai Trendzone Construction Decoration Group Co.,Ltd shall pay the remaining amount to the transferor. Upon completion, Shanghai Trendzone Construction Decoration Group Co., Ltd. will increase its stake in Shanghai Gaoxin Energy-Saving Technology Co., Ltd. from 51% to 68%. For the financial year December 31, 2019, Shanghai Gaoxin Energy-Saving Technology Co., Ltd reported total revenue of CNY 314 million, net profit of CNY 12.5 million, total asset of CNY 223 million and net asset of CNY 68 million. The transaction is approved by the board of Shanghai Trendzone Construction Decoration Group Co., Ltd.