Taizhou Wucheng Industrial Development Co., Ltd. signed a share transfer framework agreement to acquire a 29.1% stake in Zhejiang Xiantong Rubber&Plastic Co.,Ltd (SHSE:603239) from Li Qifu, Jin Guiyun, and Shao Xuejun for CNY 1.4 billion on July 24, 2022. Taizhou Wucheng Industrial Development Co., Ltd. signed the second share transfer agreement acquire a 12.74% stake in Zhejiang Xiantong Rubber&Plastic Co.,Ltd (SHSE:603239) from Li Qifu, Jin Guiyun and Shao Xuejun for approximately CNY 610 million on January 5, 2022. Under the terms, Taizhou Financial will acquire 78,750,000 shares in two tranches. In the first tranche, Li Qifu, Jin Guiyun, and Shao Xuejun will transfer 45,000,000 and in the second tranche, Li Qifu, Jin Guiyun, and Shao Xuejun will transfer 33,750,000 shares. Under the terms of second share transfer agreement, 33.75 shares will be purchase at a price of CNY 18 per share in cash. The company recently learned that Taizhou State-owned Assets Supervision and Administration Commission has received the "Zhejiang State-owned Assets Supervision and Administration Commission's Approval for the Acquisition of Control Rights of Zhejiang Xiantong Rubber and Plastic Co., Ltd. . The progress of this time the company recently learned that Taizhou Wucheng Industrial Development Co., Ltd. has received the Decision on No Further Review of the Anti-monopoly Review on Concentration of Business Operators. As on December 8, 2022, Taizhou Wucheng Industrial completed the acquisition of 45 million shares being the first tranche of transaction.

Taizhou Wucheng Industrial Development Co., Ltd. completed the acquisition of 12.4 % stake in Zhejiang Xiantong Rubber&Plastic Co.,Ltd (SHSE:603239) from Li Qifu, Jin Guiyun, and Shao Xuejun on February 27, 2023.