Shenzhen Kingdom Sci-Tech Co., Ltd (SHSE:600446) signed an equity transfer agreement to acquire the remaining 20.9% stake in Kingdom Nanjing Financial Technology Co., Ltd. from Shenzhen Jinwanrong Investment Partnership (Limited Partnership) for CNY 70.8 million on July 20, 2023. Shenzhen Kingdom Sci-Tech will pay the consideration in three installments. The first installment of CNY 35.66 million shall be completed within two months from the date of signing this agreement, the second installment will be paid within the first quarter of 2024, the third installment will be paid within the first quarter of 2025.

Post completion, Kingdom Nanjing Financial will become a wholly-owned subsidiary of Shenzhen Kingdom Sci-Tech. As of March 31, 2023, Kingdom Nanjing Financial reported total assets of CNY 262.7749 million and net assets of CNY 117.9294 million.