Jilin Province Zhongchen Industrial Development Co., Ltd. entered into an equity transfer agreement to acquire Beijing Pangda Barbos Automobile Sales Co., Ltd. from Pang Da Automobile Trade Co., Ltd (SHSE:601258) for CNY 96 million on December 23, 2021. In a related transaction, Jilin Province Zhongchen Industrial Development Co., Ltd. entered into an equity transfer agreement to acquire Baoding Jidongxing Heavy Vehicle Sales Co., Ltd. from Pang Da Automobile Trade Co., Ltd for CNY 90 million. The transaction has been reviewed and approved at the 16th meeting of the Pang Da Automobile Trade Co., Ltd 's fifth board of directors and the second extraordinary general meeting of shareholders in 2021. This transaction does not need to be submitted to the relevant government departments of the People's Republic of China for approval. As of October 31, 2021, Beijing Pangda Barbos Automobile Sales Co., Ltd. had total assets of CNY 663 million and net assets of CNY (314.1) million.