Shenzhen MTC Co., Ltd. (SZSE:002429) signed an agreement to acquire 44.6% stake in Kunming Fengtai Investment Co., Ltd. from Shenzhen Beirongxin Investment Development Co., Ltd. for CNY 2.9 billion on December 8, 2021. ShenzhenMTCCo used the receivables of Evergrande Group and its member enterprises (including commercial acceptance bills and accounts receivable) of CNY 289,432,6910.38 and cash of CNY 5,673,089.62 as the payment consideration. Shenzhen Beirongxin reported total assets as CNY 1.9 billion and net assets as CNY 1.7 billion for the period end on August 31, 2021.

Shenzhen Beirongxin reported revenue as approximately CNY 240 million, operating profit as approximately CNY 130 million and net profit as approximately CNY 120 million for the period end on December 31, 2020. On December 7, 2021, the 27th session of the company's 5th directorate approved the transaction. The transaction has been approved in the 33rd meeting of the fifth board of directors of Shenzhen MTC Co., Ltd.