Hangzhou Xinchengyuan Venture Capital Co., Ltd., Zhang Zhenyong and Hangzhou Wanxiao Enterprise Management Consulting Partnership (Limited Partnership) intends to acquire Wanjun Real Estate Co. Ltd. from Hang Xiao Steel Structure Co.,Ltd (SHSE:600477) for approximately CNY 270 million on August 11, 2020. In the transaction, 91.83% of the equity (transfer price of CNY 245.04 million) will be transferred to Hangzhou Xinchengyuan Venture Capital Co., Ltd., 7.50% of the equity (transfer price of CNY 20 million) will be transferred to Zhang Zhenyong and 0.67% of the equity (transfer price of CNY 1.8 million) will be transferred to Hangzhou Wanxiao Enterprise Management Consulting Partnership (Limited Partnership). As of June 30, 2020, the total assets of Wanjun Real Estate Co. Ltd. were CNY 217.5109 million and the net assets were CNY 128.7049 million. As of August 27, 2020. the transaction was approved by the shareholders of Hang Xiao Steel Structure Co.,Ltd. As per announcement of October 17, 2020, Wanjun Real Estate Co. Ltd. has completed the industrial and commercial change registration procedures for the equity transfer and obtained a new business license. Hangzhou Xinchengyuan Venture Capital Co., Ltd., Zhang Zhenyong and Hangzhou Wanxiao Enterprise Management Consulting Partnership (Limited Partnership) completed the acquisition of Wanjun Real Estate Co. Ltd. from Hang Xiao Steel Structure Co.,Ltd (SHSE:600477) on March 31, 2021.