China Automobile Parts Holdings Limited entered into a memorandum of understanding to acquire Tenda Construction Equipment Pte. Ltd. from Lee Seng Guan and Tan Gim Yiam on July 2, 2021. As per the transaction, Lee Seng Guan holds 60% equity interests in TCE and Tan Gim Yiam holds 40% equity interests in TCE. The execution of the MOU does not require the approval of the shareholders of the Company or any relevant authorities.