Shanghai Gangrui Information Technology Co., Ltd. agreed to acquire a 51% stake in Shanghai Hanguang Industrial Co., Ltd. from Shenzhen Selen Science & Technology Co., Ltd. (SZSE:002341) for CNY 75.8 million on December 11, 2020. Under the term, the consideration will be paid in parts. The payment of 5% of the transfer price will be paid within 15 days from the agreement signing, 45% of the transfer price will be paid within 15 days after the transfer completion, remaining 50% of the transfer price will be paid within 60 days after the transfer completion. As of December 31, 2019, Shanghai Hanguang Industrial reported total assets of CNY 2,343.28 billion, net assets of CNY 1,586.57 billion, revenue of CNY 1,473.46 billion and net profit of CNY 63.6 billion. The transaction is subject to shareholder's approval of Shenzhen Selen Science & Technology Co., Ltd. The transaction was approved by the board of directors of Shenzhen Selen Science & Technology Co., Ltd. in the 19th meeting of the company’s 5th directorate held on December 11, 2020.