Shanghai InfoTM Micro-Electronics Co., Ltd. and Shaoxing Shangyu Yuxin Equity Investment Partnership (Limited Partnership) signed a letter of intent to acquire 80% stake in Shenzhen Huaxinke Technology Co., Ltd. and World Style Technology Co., Ltd. from Suzhou Chunxing Precision Mechanical Co., Ltd. (SZSE:002547) and Shanghai Junxing Communication Equipment Co., Ltd. for approximately CNY 920 million on January 11, 2020. Shanghai InfoTM Micro-Electronics Co., Ltd. and Shaoxing Shangyu Yuxin Equity Investment Partnership (Limited Partnership) signed an agreement to acquire 80% stake in Shenzhen Huaxinke Technology Co., Ltd. and World Style Technology Co., Ltd. from Suzhou Chunxing Precision Mechanical Co., Ltd. (SZSE:002547) and Shanghai Junxing Communication Equipment Co., Ltd. for approximately CNY 920 million on June 4, 2020. Under the terms of the transaction, Suzhou Chunxing Precision Mechanical Co., Ltd. and Shanghai Junxing Communication Equipment Co., Ltd will sell 45.33% and 34.67% stake in Shenzhen Huaxinke Technology Co., Ltd. and World Style Technology Co., Ltd. Consideration will paid by infoTM and Shaoxing Shangyu Yuxin Equity Investment Partnership (Limited Partnership) in four phases which are First payment within 5 working days after delivery of the stake, Second payment within 5 working days 2020 "audit report" is issued, Third payment within 5 working days after 2021 "Audit Report" is issued and Fourth payment within 5 working days after 2021 "Audit Report" is issued of Shenzhen Huaxinke Technology Co., Ltd. and World Style Technology Co., Ltd. On September 25, 2020, the parties to the major asset purchase transaction signed the "Confirmation of Asset Handover", confirming the above-mentioned various changes in the registration of the target asset of the major asset purchase and all files belonging to the target asset The delivery status of the materials, all seals and licenses were verified and counted. Transaction will be financed through own funds or own raised funds. On January 12, 2020, Suzhou Chunxing Precision Mechanical Co., Ltd. Suzhou Chunxing convened the nineteenth interim meeting of the fourth directorate, and approved the "Proposal on Signing the Letter of Intent for Equity Acquisition. One June 4, 2020, Huaxinke and World Style has held a shareholders' meeting to approve the relevant matters of this transaction and other shareholders have signed a letter of consent to waive the preemptive right. On June 4, 2020, Shanghai Wensheng Asset Management Co., Ltd. issued a commitment letter, agreeing to the transaction and promising to cooperate with the lifting of the pledge of 80% equity of Huaxinke. On July 7, 2020, Infotmic Co., Ltd., the shareholder of InfoTM Microelectronics, held the second extraordinary general meeting of shareholders in 2020 and passed the "Overall Plan for the Major Asset Purchase". On August 20, 2020, , Suzhou Chunxing held the 25th extraordinary meeting of the fourth board of directors, and passed relevant proposals such as the "Proposal on the Major Asset Reorganization and Related Transaction Program (After adjustment)”. Shenzhen Huaxinke Technology Co., Ltd. and World Style Technology Holdings Limited’s reported total assets of CNY 848.13 million, net assets of CNY 211.19 million, revenue of CNY 4.05 billion and net profit of CNY 65.07 million for the year ending 2019. This transaction has obtained resolution from selling and buying shareholders. The transaction has been approved by Infotmic’s board on June 4, 2020. The transaction is subject to approval from shareholders of InfoTM and Suzhou Chunxing Precision Mechanical Co., Ltd. On 4th Sep., 2020, Suzhou Chunxing held the 27th extraordinary meeting of the fourth board of directors, and passed relevant proposals. As on September 21, 2020, shareholder of Suzhou Chunxing Precision Mechanical Co., Ltd. approved the transaction. On September 26, 2020, the transaction is approved by shareholders of Shanghai InfoTM Micro-Electronics Co., Ltd. and Suzhou Chunxing Precision Mechanical Co., Ltd. On September 22, 2020, Shanghai InfoTM Micro-Electronics Co., Ltd had paid the total amount of the first equity transfer payment to Suzhou Chunxing Precision Mechanical Co., Ltd. and Shanghai Junxing Communication Equipment Co., Ltd. in the total amount of CNY 283.33 million. Wang Lin, Liu Hai, Liu Zichang, Li Xiaoyin, Cheng Ming, Tong Dong, Zhong Weiya and Gong Jingyi of Huachuang Securities Co., Ltd. acted as financial advisors and Xu Ying and Li Miaomiao of Tian Yuan Law Firm acted as legal advisors to Shanghai InfoTM Micro-Electronics Co., Ltd. Li Weihai and Zheng Yuqing of Pan-China Certified Public Accountants, Shen Fabing and Zhang Chentong of Wuyige Certified Public Accountants LLP and Zhou Xianhong and Ruan Hong of Asia (Group) Accounting Firm acted as accountants to Shanghai InfoTM Micro-Electronics Co., Ltd. AllBright Law Offices acted as legal advisor to Suzhou Chunxing Precision Mechanical Co., Ltd. Lianchu Securities Co.,Ltd acted as financial advisor to Suzhou Chunxing Precision.