A undisclosed buyer agreed to acquire 71% stake in Hubei Zhijiang Liquor Industry Co., Ltd. from V V Food & Beverage Co.,Ltd (SHSE:600300) for approximately CNY 460 million on August 5, 2020. After the transaction is completed, V V Food & Beverage Co.,Ltd will no longer hold shares of Hubei Zhijiang Liquor Industry Co., Ltd. On March 31, 2020, audited total assets value of Hubei Zhijiang Liquor Industry Co., Ltd was CNY 993.3 million and owner's equity value was CNY 73.5 million. Transaction was approved by shareholders of V V Food & Beverage Co.,Ltd on August 21, 2020.