Sunfonda Group Holdings Limited (SEHK:1771) entered into an equity acquisition agreement with Mr. YAN Yaping and Ms. HUI Juan to acquire Weinan Haizhong Car Sales Services Co., Ltd. on January 19, 2021. As of the date of this announcement, Mr. YAN and Ms. HUI hold 60% and 40% equity interests in Weinan Haizhong respectively. Pursuant to the Equity Acquisition Agreement, Shaanxi Sunfonda agreed to acquire and Mr. YAN and Ms. HUI agreed to dispose of 100% equity interests in Weinan Haizhong, with the aggregate consideration of CNY 24.70 million. The consideration for the Acquisition was determined upon arm’s length negotiations between parties with reference to, among other things, (i) the net carrying amount of the assets of Weinan Haizhong as at the end of December 2020, and (ii) the geographical advantage of Weinan Haizhong. Completion of the Acquisition will take place on the date on which the transfer of 100% equity interest in Weinan Haizhong has been registered with the relevant administration for industry and commerce. Upon completion of the Acquisition, Weinan Haizhong will become an indirect wholly-owned subsidiary of the Company. As at the date of this announcement, the Board comprises four executive directors, namely, Mr. Wu Tak Lam, Ms. Chiu Man, Mr. Gou Xinfeng and Ms. Chen Wei; and three independent non-executive directors, namely, Mr. Liu Jie, Mr. Song Tao and Dr. Liu Xiaofeng. Sunfonda Group Holdings Limited (SEHK:1771) completed the acquisition of with Mr. YAN Yaping and Ms. HUI Juan to acquire Weinan Haizhong Car Sales Services Co., Ltd. in early 2021.