Item 1.01 Entry into a Material Definitive Agreement.
Pursuant to a Supplementary Agreement to the Equity Transfer Agreement dated
July 19, 2022, with Yunnan Sheng Shengyan Technology Co., Ltd. and Chen Yun
(collectively, the "Sellers") we, Aixin Life International, Inc., waived certain
conditions to closing and assumed operational control of Yunnan Runcansheng
Technology Company Limited ("Yunnan Runcansheng"). Subsequent thereto, we and
the Sellers agreed that the aggregate price to be paid for our acquisition of
100% of the shares of Yunnan Runcangsheng was to be reduced from RMB 45,082,600
to RMB 31,557,820 (approx. US$4,554,000). This was confirmed by our entry into a
second Supplementary Agreement to the Equity Transfer Agreement ("Supplement 2")
with the Sellers, a copy of which is annexed hereto as Exhibit 10.1.
In the first Supplementary Agreement all parties agreed that the remaining
balance of the purchase price, now as adjusted, due pursuant to the Equity
Transfer Agreement will be paid within 10 working days after completion of the
industrial and commercial change and registration of equity and legal
representative with the local governmental authorities. We anticipate that this
registration will be completed within two weeks, though governmental actions in
Chengdu are being delayed by lockdowns in response to COVID-19, at which time we
will pay to the Sellers the RMB 26,707,820 (approx. US$3,750,000,000) remaining
to be paid pursuant to the Equity Transfer Agreement.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
10.1 Supplementary Agreement 2 to Equity Transfer Agreement among the
Company, Yunnan Sheng Shengyan Technology Co., Ltd. And Chen Yun.
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