Shanghai Lingang Xinyefang Shangchuang Equity Investment Fund Partnership (Limited Partnership) singed a contract to acquire a 51% stake in Shanghai Highly Group Asset Management Co., Ltd. from Shanghai Highly (Group) Co., Ltd. (SHSE:600619) for approximately CNY 150 million November 4, 2021. Under the terms, Shanghai Lingang Xinyefang will pay CNY 43.9 million as first installment of the transaction after the signing of this contract and the remaining amount should be paid within one year after this contract takes effect. On November 4, 2021, the thirteenth meeting of the ninth board of directors and on November 29, 2021, the second extraordinary general meeting in 2021 of Shanghai Highly approved the transaction.