Lu Zhenyu agreed to acquire a 5% stake in Zhejiang Wanma Co., Ltd. (SZSE:002276) from Zhejiang Wanma Smart Technology Group Co., Ltd for approximately CNY 400 million on September 29, 2022. Under the terms, Lu Zhenyu will acquire 51,774,500 shares for CNY 7.722 per share. Post acquisition, Zhejiang Wanma Smart Technology Group Co., Ltd. will hold 4.53% stake in Zhejiang Wanma.

Lu Zhenyu completed the acquisition of 5% stake in Zhejiang Wanma Co., Ltd. (SZSE:002276) from Zhejiang Wanma Smart Technology Group Co., Ltd on February 22, 2023.