Shenyang Jinbei Automotive Company Limited (SHSE:600609) agreed to acquire 49% stake in Shenyang Lear Automotive Seating and Interior Systems Co., Ltd. from Lear Corporation (Mauritius) Limited for approximately CNY 230 million on July 8, 2021. Under the terms of transaction, purchase price will be paid in cash. Jinbei shall set up an escrow account with the escrow agent, which shall be managed by the escrow agent in accordance with the escrow agreement. If Lear Mauritius successfully extracts the 49% equity of Jinbei Adient and pays the full purchase price to the escrow account within three business days, Jinbei Auto shall transfer all the purchase price of Shenyang Lear to the bank account designated by Lear Mauritius. As of March 31, 2021, Shenyang Lear Automotive Seating and Interior Systems Co., Ltd. reported total assets of CNY 636.74 million and net assets of CNY 103.6 million. Transaction is subject to customary closing conditions, including anti-monopoly approval from the State Administration for Market Regulation. The transaction has been reviewed and approved at the 22nd meeting of the 9th Board of Directors and the 16th meeting of the 9th Board of Supervisors of Shenyang Jinbei Automotive Company. As of July 26, 2021 the shareholders of Shenyang Jinbei Automotive approved the transaction. As of September 8, 2021, state-owned assets and anti-monopoly approved the transaction. If the delivery does not occur on or before December 31, 2021, either party has the right to terminate the relevant equity purchase agreement, and the payment under the equity purchase agreement All amounts shall be refunded to all relevant parties.