Shandong Crankshaft Factory Co., Ltd signed the share transfer agreement to acquire 10% stake in Zhengzhou Jinhui Computer System Engineering Ltd from Tianrun Industry Technology Co., Ltd. (SZSE:002283) for approximately CNY 140 million on December 17, 2022. Under the terms of transaction, Tianrun United shall pay the company the cash consideration for this transaction, and the payment shall be made according to the following progress: within 30 working days from the date when all the preconditions for the delivery stipulated in this agreement are met or exempted by the buyer, the buyer shall pay the seller 50% of the cash consideration; within 90 working days from the date when all the preconditions for delivery stipulated in this agreement are met or exempted by the buyer, the buyer shall pay the company the remaining 50% of the total cash consideration. Post completion, Tianrun United will own 10% stake in Zhengzhou Jinhui.

As of September 20, 2022, Zhengzhou Jinhui had total asset and net assets of approximately CNY 1.2 billion and CNY 780 million respectively. On December 17, 2022, the 2nd session of the Tianrun Industry 6th directorate approved the transaction.