Huitai Investment Group Co., Ltd. entered into a share transfer framework agreement to acquire 7% stake in Baiyang Investment Group, Inc. (SZSE:002696) from Sun Zhongyi for approximately CNY 260 million on August 13, 2019. Post completion, Sun Zhongyi will hold 26.74% stake in Baiyang Investment Group. The specific detail based on the formal agreement will be sign later on. Huitai Investment Group Co., Ltd. cancelled the acquisition of 7% stake in Baiyang Investment Group, Inc. (SZSE:002696) from Sun Zhongyi on August 13, 2020.