Shenzhen Sanxing Jewelry Co., Ltd signed an equity transfer agreement to acquire 51% stake in Shenzhen Dapan Jewelry Co., Ltd. from Fujian Ideal Jewellery Industrial Co., Ltd. (SZSE:002740) for CNY 1 million on April 26, 2021. After receiving the transaction payment, the company began to prepare materials to go through the equity transfer registration procedures with the industrial and commercial registration department. The board of Fujian Ideal Jewellery Industrial Co., Ltd. approved the deal. As of June 8, 2021, Fujian Ideal received a letter from Shenzhen Sanxing Jewelry, requesting for termination of the agreement due to inability to complete the registration procedures for the 51% equity transfer on a timely manner. Up to now, the company is negotiating with Sanxing Jewelry to terminate the agreement and handle refunds.