Shanghai Trendzone Construction Decoration Group Co.,Ltd. (SHSE:603030) signed an equity transfer agreement to acquire additional 18.5% stake in Shanghai Trendzone Construction Decoration Co., Ltd. from Shanghai Guosheng Haitong Equity Investment Fund (Limited Partnership) for approximately CNY 330 million on June 10, 2020. The purchaser shall pay the purchase price of CNY 100 million (“the first installment of the purchase price”) no later than June 30, 2020 within three working days from the date of entry into force of this agreement, and no later than August 31, 2020 will pay the remaining purchase price. As of December 31, 2020, Shanghai Trendzone paid CNY 100 million as the first phase purchase price. The second phase purchase period will be paid of CNY 6.89 million no later than January 15, 2021 and shall pay the current period of delayed payment interest of CNY 12.34 million before August 31, 2021. Post transaction, Shanghai Trendzone Construction Decoration Group Co.,Ltd. will own 100% stake. Shanghai Trendzone Construction Decoration Co., Ltd. had total assets of CNY 4.6 billion, net assets of CNY 1.1 billion as at December 31, 2019 and revenue of CNY 4.9 billion and net profit of CNY 214.8 million for the year ending December 31, 2019. The transaction needs to be submitted to Shanghai Trendzone Construction Decoration Group Co.,Ltd.'s shareholders' meeting. On June 10, 2020, Shanghai Trendzone Construction Decoration Group Co.,Ltd. convened the fifth meeting of the fourth session of the Board of Directors. The meeting should include 7 directors, and actually 7 directors. The voting results were: 7 votes for; 0 votes against; 0 abstentions. Independent directors Cui Zhoubo, Xu Gan, and Zhong Genyuan issued prior approval opinions on this connected transaction, and issued an independent opinion agreed upon when the board of directors considered the proposal.