BOE Technology Group Company Limited (SZSE:000725) entered into an agreement to acquire 80.83% stake in CEC Panda Flat Panel Display Technology Co., Ltd. from Nanjing Huadong Electronics Information & Technology Co., Ltd. (SZSE:000727), China Electronics Co., Ltd. and Nanjing Panda Information Industry Group Co., Ltd. for CNY 5.6 billion on October 19, 2020. Nanjing Huadong Electronics Information & Technology Co., Ltd. will sell its 57.65% stake, China Electronics Co., Ltd. will sell its 17.17% stake and Nanjing Panda Information Industry Group Co., Ltd. will sell its 6.02% stake in CEC Panda Flat Panel Display Technology Co., Ltd. The first installment price (including deposit) is 30% of the total price. The deposit paid by BOE Technology Group Company Limited will be automatically converted to the first installment after this contract becomes effective. BOE Technology Group Company Limited shall pay the first installment, except for the deposit, to the designated bank account of the Equity Exchange within 5 working days after this contract takes effect; The second installment price is 30% of the total price, and BOE Technology Group Company Limited should make the payment before December 15, 2020; The third installment price is 40% of the total price, and BOE Technology Group Company Limited shall pay the remaining price within 1 year after this contract takes effect. As on December 15, 2020, BOE Technology Group Company Limited has paid a total of 60% of the total equity transaction price of approximately CNY 340 million to Nanjing Huadong Electronics Information & Technology Co, China Electronics Co., Ltd. and Nanjing Panda Information Industry Group Co., Ltd. As of June 30, 2020, CEC Panda reported total assets of CNY 18.34 billion. In 2019, CEC Panda generated revenue of CNY 4.43 billion, operating loss of CNY 9.5 billion and net loss of CNY 9.5 billion. BOE Technology Group Company Limited held the 17th meeting of the Ninth Board of Directors and the first extraordinary general meeting of shareholders in 2020 and approved the transaction. On November 18, 2020, Nanjing Huadong Electronics Information & Technology Co., Ltd.'s third extraordinary general meeting approved the transaction. As of November 20, 2020, CEC Panda Flat Panel Display Technology Co., Ltd's original shareholder Sharp Co., Ltd. had not exercised its right of first refusal to CEC Panda Flat Panel Display Technology Co., Ltd, and BOE Technology Group Company Limited obtained the final transfer qualification. All the effective conditions involved in the property rights transaction contract have been met. As of December 24, 2020, BOE Technology Group Company Limited completed the acquisition of 57.65% stake in CEC Panda Flat Panel Display Technology Co., Ltd. from Nanjing Huadong Electronics Information & Technology Co., Ltd. CITIC Securities South China Company Limited acted as Independent financial adviser for Nanjing Huadong Electronics Information & Technology.

BOE Technology Group Company Limited (SZSE:000725) complete the acquisition of 80.83% stake in CEC Panda Flat Panel Display Technology Co., Ltd. from Nanjing Huadong Electronics Information & Technology Co., Ltd. (SZSE:000727), China Electronics Co., Ltd. and Nanjing Panda Information Industry Group Co., Ltd. on December 25, 2020.