Beijing New Space Technology Co., Ltd. (SHSE:605178) entered into a framework agreement to acquire a 47.8% stake in Jiean Parking Co., Ltd. from Liu Bo for CNY 13 million on May 25, 2022. The consideration will be paid in cash. Following equity acquisition and capital increase Beijing New Space will own an aggregate 60% stake in Jiean Parking. The consideration will be funded from Beijing New Space's own resources. In case of termination both the parties have a right to receive liquidated damages of CNY 20 million. Beijing New Space had total assets of CNY 90.58 million, owners' equity of CNY 16.94 million, operating income of CNY 93.79 million and net profit of CNY 9.49 million, for year ended December 31, 2021. The transaction is subject to due diligence and signing of a formal transaction agreement. The Beijing New Space held the third meeting of the third board of directors on May 25, 2022, and reviewed and approved the transaction and does not need to be reviewed by the general meeting of shareholders. The proceeds will be used to repay bank loans and supplement the funds needed for business operations.