Hong Ba entered into a Stock Purchase Agreement to acquire 20.85% stake in W&E Source Corp. (OTCPK:WESC) from Maotang Bai, Yongsheng Liang, Qinrong Gao and Feng Li for $2,712 on June 6, 2022. As per the terms of the transaction, Hong Ba shall acquire 27.1 million shares in W&E at $0.0001 per share. In a related transaction, Xingru Chen entered into a Stock Purchase Agreement to acquire 69.95% stake in W&E Source Corp. (OTCPK:WESC) from a group of shareholders for $9,100. Both transactions constitutes 90.80% of all of the issued and outstanding shares of capital stock of W&E with an an aggregate purchase price of $11,812.

Hong Ba completed the acquisition of 20.85% stake in W&E Source Corp. (OTCPK:WESC) from Maotang Bai, Yongsheng Liang, Qinrong Gao and Feng Li on June 8, 2022. JunJun Wu resigned as a member of the Board of Directors of W&E. Hong Ba shall continue to be a member of the Board of the Directors and as W&E's Chief Executive Officer and Chief Financial Officer. Also as a result of the transactions, Xingru Chen is appointed as a Director of the W&E.