Zhejiang Dongwang Times Technology Co., Ltd. (SHSE:600052) agreed to acquire Chongqing Huixian Youce Technology Co., Ltd. from group of sellers for CNY 450 million on March 11, 2022. Zhejiang Dongwang Times Technology Co., Ltd. agreed to acquire 86.67% stake in Huixian Youce Technology Co., Ltd. from group of sellers for approximately CNY 380 million on May 30, 2022. The Chongqing Huixian had unaudited total assets of CNY 480 million and net assets of CNY 276 million, as of March 31, 2022.

The transaction is subject to approval of Zhejiang Dongwang's shareholders. Supervisory Committee of Zhejiang Dongwang approved the transaction. As of June 17, 2022, the shareholders of Zhejiang Dongwang approved the transaction.

Assets Supervision and Administration Office of Dongyang Municipal People's Government have approved the transaction. CITIC Securities Company Limited acted as financial advisor to Zhejiang Dongwang Times Technology Co., Ltd. As of September 30, 2022, the transaction is approved by shareholders of Zhejiang Dongwang Times Technology Co., Ltd. As on October 14, 2022, The company has obtained 85.55% of the equity of the target company held by the counterparties of this restructuring transaction except Chongqing Technology Venture Capital Co., Ltd., Gou Jinchuan and Zeng Zhijian. The completed the equity transfer and related industrial and commercial change registration procedures, and obtained the "Business License" renewed by the Market Supervision Administration.