Shanghai Fengxian Investment (Group) Co., Ltd., agreed to acquire 18.74% stake in Shanghai Fudan Forward S&T Co., Ltd (SHSE:600624) from Fudan University, Endowment Arm on December 4, 2019. Shanghai Fengxian Investment (Group) Co., Ltd. signed a free transfer agreement to acquire 18.74% stake in Shanghai Fudan Forward S&T Co., Ltd from Fudan University, Endowment Arm on December 31, 2019. Pursuant to the terms of the acquisition, Shanghai Fengxian Investment (Group) Co., Ltd., will acquire around 128.3 million shares of Shanghai Fudan Forward S&T Co., Ltd. This transfer without compensation requires formal approval from the Ministry of Education, state owned assets supervision and Administration Commission of Fengxian District, Shanghai Municipality and Fengxian District, Shanghai Municipality, Relevant official examination and approval of the people's Government of Xian District. The official transfer of Fengxian District SASAC and Fengxian District Government is still required for this free transfer. On December 4, 2019, the transaction was reviewed and approved in principle by the Fudan University President's Office and the Standing Committee of the Party Committee. On December 24, 2019, the transaction was reviewed and approved by the Party Committee of Shanghai Fengxian Investment (Group) Co., Ltd. On December 24, 2019, the present transaction was reviewed and approved by the board of directors of Shanghai Fengxian Investment (Group) Co., Ltd. On December 27, 2019, the transaction was reviewed and approved by the Standing Committee of the Party Committee of Fudan University. On January 20, 2020, Fudan University received the reply of the Ministry of Education of the People’s Republic of China, approving the free share transfer. Shanghai Fengxian Investment (Group) Co., Ltd., completed the acquisition of 18.74% stake in Shanghai Fudan Forward S&T Co., Ltd (SHSE:600624) from Fudan University, Endowment Arm on September 4, 2020.