Sichuan Tianjiu Investment Co., Ltd. agreed to acquire 60% stake in Shenzhen Huakong Seg Property Co., Ltd. from Shenzhen Huakong Seg Co., Ltd. (SZSE:000068) for approximately CNY 300 million on December 8, 2022. As per transaction, 50% purchase price will be paid within 7 days after agreement becomes effective and remaining 50% purchase price will be paid within 12 months from the effective date of agreement. The transaction is subject to approval of Shenzhen Huakong Seg Co., Ltd. shareholders.

Shenzhen Huakong Seg Co., Ltd board approved the deal. For the period ended September 30, 2022, Shenzhen Huakong Seg Property reported total assets of approximately CNY 130 million and net assets of CNY -2.9 million.