Guangdong Haihua Investment Group Co.,Ltd. and Dong Can agreed to acquire 6.8% stake in Sichuan Santai Rural Commercial Bank Co.,Ltd from Zhejiang Renzhi Co., Ltd. (SZSE:002629) for approximately CNY 120 million on June 28, 2021. Guangdong Haihua Investment Group Co.,Ltd. and Dong Can singed a Supplementary Agreement to the Share Transfer Agreement to acquire 6.8% stake in Sichuan Santai Rural Commercial Bank Co.,Ltd from Zhejiang Renzhi Co., Ltd. (SZSE:002629) on February 28, 2022. As of July 13, 2021, for consideration, Zhejiang Renzhi Co., Ltd. will transfer 26,324,627 Shares (4.90% stake), 9,967,364 Shares (1.86% stake) in Sichuan Santai Rural Commercial Bank Co., Ltd. (hereafter Santai Rural Bank) to Guangdong Haihua Investment Group Co., Ltd. (hereafter Haihua Group), Dong Can respectively for CNY 83.81 million and CNY 31.74 million, total of CNY 115.55 million.

For the year ended on December 31, 2021, Sichuan Santai Rural Commercial Bank reported total asset of CNY 234.13 billion, Total shareholders equity of CNY 1.7 billion, revenue of CNY 694.14 million, operating profit of CNY 137.64 million and net profit of CNY 154.83 million. The transaction is subject to shareholders approval of Zhejiang Renzhi Co., Ltd. On February 28, 2022, the 23rd meeting of the sixth board of directors of Zhejiang Renzhi reviewed and approved the Supplementary Agreement. The transaction is expected to complete before before February 28, 2022.

The transaction is now expected to complete before May 30, 2022. ZTF Securities Co., Ltd. acted as financial advisor, China Commercial Law Firm acted as legal advisor and Moore Stephens Da Hua acted as accountant to ZTF Securities Co., Ltd. Till 30th May, 2022 Zhejiang Renzhi Co have received 49% of the of the total share transfer price paid by Haihua Group in this transaction