Nanjing Zijin Guancui Private Enterprise Bail-out Development Fund Partnership Enterprise (Limited Partnership) signed a share transfer agreement to acquire Guangdong Longxin Technology Co., Ltd. from Nanjing Kangni Mechanical & Electrical Co.,Ltd (SHSE:603111) for CNY 400 million on June 25, 2019. As of July 19, 2019, supplementary agreement was signed whereby Nanjing Zijin Guancui Private Enterprise Bail-out Development Fund Partnership Enterprise (Limited Partnership) will pay 60% of the consideration (CNY 240 million) within 5 working days after the conditions are met to the designated bank account and remaining 40% (CNY 160 million) will be paid to the bank account designated within two months after the payment of the above equity transfer price. For the period ended December 31, 2018, Guangdong Longxin Technology Co., Ltd. reported revenues of CNY 575.9 million and net loss of CNY 1.2 billion. As at December 31, 2018, Guangdong Longxin Technology reported total assets of CNY 800.8 million and net liabilities of CNY 72.8 million. The transaction is subject to approval from the shareholders of Nanjing Kangni Mechanical & Electrical Co.,Ltd. The Board of Directors of Nanjing Kangni Mechanical & Electrical Co.,Ltd has approved the transaction. The new terms for the payment of consideration have also been approved by the Board and shareholders of Nanjing Kangni Mechanical & Electrical Co.,Ltd. Nanjing Zijin Guancui Private Enterprise Bail-out Development Fund Partnership Enterprise (Limited Partnership) completed the acquisition of Guangdong Longxin Technology Co., Ltd. from Nanjing Kangni Mechanical & Electrical Co.,Ltd (SHSE:603111) on October 22, 2019.