Hollyland (China) Electronics Technology Corporation Limited (SZSE:002729) agreed to acquire 54.4842% stake in ALD Fortune Auto Leasing & Renting (Shanghai) Co., Ltd. from Nanjing Linghang Automobile Service Co., Ltd., Shanghai Fuying Enterprise Management Co., Ltd. and Shanghai Jiahe Zhixing Enterprise Management Center (Limited Partnership) for CNY 757.33 million on November 24, 2022. Hollyland Technology intends to purchase 54.4842% of the equity of the target company at a tentative transaction price of CNY 757.330 million of which CNY 250 is planned to be paid in cash. For the year ended December 31, 2021, ALD Fortune Auto Leasing & Renting reported Revenue of CNY 346.7175 millio , Total Assets of CNY 1.7908 billion, Net Income of CNY 11.298 million, Owners equity of CNY 172.582 million.

This transaction has been approved by CSRC. Hollyland (China) Electronics board of directors approved the transaction. Nanjing Lingxing Automotive Service Co.

Ltd. shareholders approved the transaction. As of December 27, 2022, The audit, evaluation and other related work involved in this transaction has not been completed, and the approval of the competent industry authority has yet to be obtained.