Shenzhen Zhicheng Dongsheng Investment Partnership (Limited Partnership), Ningbo Free Trade Zone Fengshang Guanmiao Equity Investment Partnership (Limited Partnership), Shanghai Aifu Investment Management Co., Ltd., Hangzhou Jiebai Group Co.,Limited. (SHSE:600814) and Sequoia Jingrui (Xiamen) Equity Investment Partnership (Limited Partnership) managed by Sequoia Yashang (Xiamen) Equity Investment Partnership Enterprise (LP) agreed to acquire 28.69% stake in Shanghai Baiqiu Network Technology Co., Ltd. from Shenzhen Ellassay Fashion Co., Ltd. (SHSE:603808) for approximately CNY 340 million on December 12, 2019. Under the transaction, Sequoia Bairui (Xiamen) Equity Investment Partnership (Limited Partnership) agreed to acquire 15.25% stake in Shanghai Baiqiu Network Technology Co., Ltd. for approximately CNY 180 million, Hangzhou Jiebai Group Co., Limited agreed to acquire 5% stake in Shanghai Baiqiu Network Technology Co., Ltd. for CNY 60 million and acquire 0.06 million shares., Ningbo Free Trade Zone Fengshang Guanmiao Equity Investment Partnership (Limited Partnership) agreed to acquire 4.17% stake in Shanghai Baiqiu Network Technology Co., Ltd. for CNY 50 million, Shanghai Aifu Investment Management Co., Ltd. agreed to acquire 0.94% stake in Shanghai Baiqiu Network Technology Co., Ltd. for CNY 11.3 million and Shenzhen Zhicheng Dongsheng Investment Partnership (Limited Partnership) agreed to acquire 3.33% stake in Shanghai Baiqiu Network Technology Co., Ltd. for CNY 40 million.

Hangzhou Jiebai Group will fund the acquisition from own funds. For the year ended December 2018, Shanghai Baiqiu Network Technology Co., Ltd. reported total assets of approximately CNY 160 million, net assets of approximately CNY 180 million, operating revenue of approximately CNY 220 million and net profit of CNY 60.13 million. The transaction is subject to approval from shareholders of Shenzhen Ellassay Fashion Co., Ltd. The transaction was approved by the 24th meeting of the 3rd Directorate of Shenzhen Ellassay Fashion Co., Ltd. As on December 20, 2019, the transaction was approved by Board of Directors of Hangzhou Jiebai Group.

As of February 6, 2020, the transaction was approved by shareholders of Shenzhen Ellassay Fashion Co., Ltd.