Xuzhou Xinsheng Investment Holding Group Co., Ltd. signed an agreement to acquire additional 12.9% minority stake in V V Food & Beverage Co.,Ltd (SHSE:600300) for approximately CNY 920 million on July 9, 2021. Under the term, Xuzhou Xinsheng Investment Holding Group will acquire 215.69 million shares of V V Food & Beverage Co.,Ltd. at CNY 4.26 per share. Post completion, Xuzhou Xinsheng Investment Holding Group will hold 29.9% stake in V V Food & Beverage Co.,Ltd. Both parties involved in the transaction will re-elect V V Food & Beverage Co.,Ltd's board of directors and board of supervisors in accordance with the provisions of this agreement, the "Company Law" and the "Articles of Association". The transaction is subject to the approval of Shanghai Stock Exchange and China Securities Depository and Clearing Co. As of August 9, 2021, State Administration of Market Supervision and Administration approved the transaction. As of October 14, 2021, State-owned Assets Supervision and Administration Commission of Jiangsu Province approved the transaction.

Xuzhou Xinsheng Investment Holding Group Co., Ltd. completed the acquisition of an additional 12.9% minority stake in V V Food & Beverage Co.,Ltd (SHSE:600300) on November 25, 2021.