Cong Zhongxiao agreed to acquire a 81.50% stake in Shanghai Trendzone Construction Decoration Co., Ltd. on September 13, 2022. Transaction has been approved by Shanghai Trendzone Construction Decoration Group's shareholder and board. As on January 10, 2023, creditor Anqing Anzhu Building Materials Sales Co., Ltd. applied for bankruptcy liquidation of Shanghai Trendzone Construction Decoration Co., Ltd. to the Shanghai Third Intermediate People's Court, using the reason that Shanghai Trendzone Construction Decoration was unable to pay off due debts and obviously lacked solvency. If the company loses control over Shanghai Trendzone Construction Decoration due to bankruptcy liquidation procedures, the major asset sale transaction will not be carried out smoothly and Shanghai Trendzone and various intermediaries are still conducting due diligence, auditing and evaluation, and the relevant parties to the transaction have not yet signed the formal transaction documents For the period June 30 ,2022, CNY 4290.629 and CNY -275.3816 million.

Cong Zhongxiao cancelled the acquisition of 81.50% stake in Shanghai Trendzone Construction Decoration Co., Ltd. on April 11, 2023.