Wu Biqun signed the share transfer agreement to acquire a 28.8820% stake in Broadradio Communication Technology Co., Ltd. from Shenzhen FRD Science & Technology Co., Ltd. (SZSE:300602) for CNY 28.9 million on December 12, 2022. The first transfer payment of 50% will be made within 10 days after the agreement becomes effective and remaining before the completion of the industrial and commercial change of this equity transfer and no later than January 15, 2023. After the transaction, Wu Biqun's stake in the Broadradio Communication Technology will increase from 19.5946% to 48.4766%.

Broadradio Communication Technology had total assets of CNY 212.72 million and net assets of CNY 18.03 million as of October 31, 2022. The 12th session of Shenzhen FRD Science & Technology's 5th directorate approved the proposal on the transfer of equity in Broadradio Communication Technology.