Shenzhen Jianyi Decoration Group Co., Ltd. (SZSE:002789) agreed to acquire 80% stake in Guangdong Constar Construction Group Co., Ltd. from Guangdong Constar Holding Group Co., Ltd., Cai Guang, Wang Aizhi, and Wan Jie for CNY 720 million on September 8, 2022. This transaction was approved by the 10th session of Shenzhen Jianyi Decoration 4th directorate, 13th session of the company's 4th directorate. This transaction already gained the approval in principle of the company's holding shareholder Zhuhai Zhengfang Group Co., Ltd. This transaction still needs to be approved by the company's shareholders' meeting, and still needs to pass the anti-monopoly review of the concentration of operators by the State Administration for Market Regulation. As on November 14, 2022, Guangdong Constar Construction has reported total assets of CNY 3.94 billion and net assets of CNY 498.7032 million on December 31, 2021. Shenzhen Jianyi Decoration Group intends to pay the transaction price in five installments and the specific payment schedule is as follows: In First installment payment 60% of the total price of the equity transfer CNY 432 million shall be paid within five working days from the effective date of the Equity Transfer Agreement, The second payment of 20% of the total equity transfer price CNY 144 million before before May 15, 2023, The third payment of 15% of the total equity transfer price CNY 108 million before May 15, 2024, The fourth payment of 3% of the total equity transfer price CNY 21.6 million before May 15, 2025, The fifth payment of 2% of the total equity transfer price CNY 14.4 million before May 15, 2026.

CITIC Securities Company Limited (SHSE:600030) acted as financial advisor to Shenzhen Jianyi Decoration. Grandway Law Offices acted as legal advisor to Shenzhen Jianyi Decoration. Moore Stephens Da Hua acted as Accountant to Shenzhen Jianyi Decoration.

Shenzhen Jianyi Decoration Group Co., Ltd. (SZSE:002789) completed the acquisition of 80% stake in Guangdong Constar Construction Group Co., Ltd. from Guangdong Constar Holding Group Co., Ltd., Cai Guang, Wang Aizhi, and Wan Jie on December 14, 2022. Guangdong Constar Holding Group Co., Ltd., Cai Guang, Wang Aizhi, and Wan Jie has transferred 80% of equity in Guangdong Constar Construction Group. Shenzhen Jianyi Decoration Group has paid first phase of cash consideration of CNY 432 million to Guangdong Constar Holding Group Co., Ltd., Cai Guang, Wang Aizhi, and Wan Jie.