Beijing Properties (Holdings) Limited (SEHK:925), Beijing Enterprises Clean Energy Group Limited (SEHK:1250) and others agreed to acquire a 29.5% stake in Xinming China Holdings Limited (SEHK:2699) from Chen Chengshou for HKD 1 on October 27, 2020. Under the terms of the transaction, the buyers will acquire a total of approximately 550 million shares. Prior to the transaction, Chen Chengshou beneficially owns 62.38% stake in Xinming China, and upon completion will hold 32.88% stake. The deal is subject to the completion of due diligence investigations and for Chen Chengshou having obtained Chance Talent's consent or approval to transfer the Charged Shares to the buyers and provide relevant supporting documents or information to the buyers. As per announcement of December 22, 2020 and January 21, 2021, no agreement, arrangement and/or understanding has been entered into in respect of the disposal of all or any of the Relevant Shares between the parties. On 19 February 2021, the Company received a notice from the Receivers stated that they jointly hold not less than 10% of the total paid up capital of the Company, requisitioning for an extraordinary general meeting of the Company for the appointment of Choi Clifford Wai Hong and Chu Kin Wang Peleus as –1– non-executive Director and independent non-executive Director of the Company, respectively. As of February 22, 2021, the consent has not been given by Chance Talent to approve the transfer of the Charged Shares to BE City HK and the SPA has not been completed and no agreement, arrangement and/or understanding has been entered into in respect of the disposal of all or any of the Relevant Shares between BE City HK and Chance Talent and the Receivers. As of August 23, 2021, Xinming China Holdings Limited is updated by the Receivers that there were discussions with several investors to sell the Charged Shares but the Receivers have not received any formal offer to acquire the Charged Shares, and no legally binding agreement has been entered into as at the date of this announcement. As of October 20, 2021, the transaction was approved by the shareholders of Xinming China Holdings Limited.

Beijing Properties (Holdings) Limited (SEHK:925), Beijing Enterprises Clean Energy Group Limited (SEHK:1250) and others cancelled the acquisition of 29.5% stake in Xinming China Holdings Limited (SEHK:2699) from Chen Chengshou on December 30, 2021.