Item 1.02 Termination of a Material Definitive Agreement.

As previously reported, on January 20, 2021, Beijing Asian League Wins Technology Co., Ltd ("Beijing ALW"), an indirectly wholly owned subsidiary of Summit Networks Inc. (the "Company", "we" or "us"), entered into a series of contractual arrangements, including certain Equity Pledge Agreement, Exclusive Technology Development, Consulting and Services Agreement, Exclusive Option Agreement and Spousal Consent and Irrevocable Power of Attorney (collectively, the "VIE Agreements") with Hengshui Jingzhen Environmental Company Limited ("Hengshui Jingzhen") and Hengshui Jingzhen's shareholders named therein, pursuant to which Beijing ALW gained control over Hengshui Jingzhen (the "VIE Arrangement").

As a result of the change of the Company's business, on March 29, 2021, the Company's board of directors (the "Board") and a majority of holders of the Company's outstanding shares of common stock approved the termination of the VIE Arrangement and the VIE Agreements. On the same date, Beijing ALW, Hengshui Jingzhen, and Hengshui Jingzhen's shareholders entered into a Termination Agreement (the "Termination Agreement") to terminate the VIE Agreements and the VIE Arrangement, effectively immediately. As such, Beijing ALW no longer has the control rights and rights to the assets, property and revenue of Hengshui Jingzhen.

The translation of the Termination Agreement is qualified in its entirety by reference to the complete text of the translation of the Termination Agreement, which is filed hereto as Exhibit 10.1.

Item 2.01. Completion of Acquisition or Disposition of Assets.

Reference is made to the disclosure set forth under Item 1.01 above, which disclosures are incorporated herein by reference.





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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a) Pro Forma Financial Information

The unaudited pro forma combined financial information of our Company including the unaudited pro forma combined balance sheet as of December 31, 2020, the unaudited pro forma combined statement of comprehensive income for the three months ended December 31, 2020, unaudited pro forma combined statement of comprehensive income for the year ended September 30, 2020 and the notes related thereto are filed as Exhibit 99.1 and are incorporated herein by reference.







(d) Exhibits

The following exhibits are filed herewith:





Exhibit No.   Description
   10.1         Translation of Termination Agreement, dated March 29, 2021
   99.1         Unaudited Pro Forma Combined Financial Information.




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