Zhejiang Busen Garments Co., Ltd. (SZSE:002569) signed a equity transfer agreement to acquire 60.4% stake in Guangdong Xinhui E-commerce Co., Ltd. from IELPM (Beijing) Technology Co., Ltd. for approximately CNY 140 million on September 10, 2019. A guarantee of CNY 20 million will be paid after approval of the present transaction by the board of directors. This guarantee will serve as the initial installment. The remaining equity payment amount will be paid in installments. Within 15 days after obtaining the written approval of the People's Bank of China, Zhejiang Busen Garments Co., Ltd will initiate the procedure for industrial and commercial change, but payment of all remaining equity transfer funds should be completed no later than 30 days after the completion of the industrial and commercial change. For the year ended December 31, 2019, Guangdong Xinhui E-commerce Co., Ltd. reported net assets of CNY 57.2 million, owners' equity of CNY 22.6 million, operating revenue of CNY 4.9 million and net loss of CNY 0.5 million. Acquisition is subject to the shareholders’ approval. The transaction has been approved by the 14th meeting of the 5th directorate of Zhejiang Busen Garments Co., Ltd. Zhejiang Busen Garments Co., Ltd. (SZSE:002569) terminated the acquisition of 60.4% stake in Guangdong Xinhui E-commerce Co., Ltd. from IELPM (Beijing) Technology Co., Ltd. on July 20, 2021. Zhejiang Busen Garments held the 11th Meeting of the 6th Directorate, and approved terminating the acquisition of Guangdong Xinhui E-commerce Co., Ltd.'s 60.4% stake.