Chen Zhu signed an agreement to acquire 5% stake in Zhejiang Tiantai Xianghe Industrial Co.,Ltd. (SHSE:603500) from Tang Qiujuan, and Tang Xiao for approximately CNY 100 million on March 21, 2022. As per the transaction, Chen Zhu will acquire 6.91 and 5.39 million shares from Tang Qiujuan, and Tang Xiao for CNY 58.72 million and CNY 45.78 million respectively at CNY 8.5 per share. Within 5 working days from the agreement signing date, Chen Zhu will pay 10% of the transfer price.

Within 5 working days from the stock exchange issuing a confirmation letter, Chen Zhu will pay 10% of the transfer price. Within 30 days from the transfer completion date, Chen Zhu will pay 80% of the transfer price.