Shenzhen Commet Technology Co., Ltd and Zhongshan Broad-Ocean Motor Co., Ltd. (SZSE:002249) signed an equity transfer agreement to acquire additional 51% stake in Dongguan Zhongqi Hongyuan Automobile Co., Ltd. from Longyan Xinyu Automobile Sales Service Co., Ltd. for CNY 210 million on June 29, 2021. As per terms, 50% of the total price of the equity transfer CNY 107 million within 5 working days from agreement and remaining 50% consideration before December 15, 2021. Shenzhen Commet Technology Co., Ltd and Zhongshan Broad-Ocean Motor Co., Ltd. shall acquire 39.1% and 11.9% stake in Dongguan Zhongqi Hongyuan Automobile Co., Ltd. respectively. Post completion, Longyan Xinyu Automobile Sales Service Co., Ltd. will seize to hold any stake in Dongguan Zhongqi Hongyuan Automobile Co., Ltd. and Shenzhen Commet Technology Co., Ltd, Zhongshan Broad-Ocean Motor Co., Ltd. and Guangdong Hongyuan Group Co., Ltd. will hold 80.1%,11.9% and 8% stake respectively. As of May 31, 2021, total asset and net asset of Dongguan Zhongqi Hongyuan Automobile Co., Ltd. was CNY 1.6 billion and CNY 210 million respectively. The transaction was approved by the board of Longzhou Group Co., Ltd. parent of Longyan Xinyu Automobile Sales Service Co., Ltd. on June 29, 2021 at 53rd meeting of the sixth board of directors.