Shanghai Luoyuan Enterprise Management Consulting Co., Ltd. agreed to acquire a 50.01% stake in Shangying E-commerce Co., Ltd. from Shangying Global Co., Ltd. (SHSE:600146) for CNY 46.5 million on April 20, 2022. The first equity transfer amount of CNY 23.25 million shall be paid within 5 days from the date of agreement, and the remaining equity transfer amount of CNY 23.25 million shall be paid on the day after the agreement takes effect and on the day when the industrial and commercial change registration of the equity transfer is handled. Post completion Shangying Global Co., Ltd. will not hold any stake in Shangying E-commerce. For the year ended December 31, 2021, Shangying E-commerce had total assets of approximately CNY 100 million, net assets of approximately CNY 93 million, revenue of approximately CNY 2.87 million and net loss of approximately CNY 37.89 million. The transaction has been approved by the board of Shangying Global Co., Ltd.