A group of buyers entered into an equity transfer agreement to acquire a 66% stake in Zunyi Jinye Machinery Casting Co., Ltd. from Loncin Motor Co., Ltd. (SHSE:603766) for CNY 410 million on June 7, 2022. The cash consideration will be paid within 10 days working days from the effective date of this agreement. Upon completion, Zunyi Kexin Special Materials R&D Co., Ltd., Southern Jianxin Investment Co., Ltd., CCB (Beijing) Investment Fund Management Co., Ltd., Shenzhen Jianhua Kaiyuan Private Equity Investment Fund Management Co., Ltd., Shenzhen Dachen Caizhi Venture Capital Management Co., Ltd. and China United Power Construction Group Co., Ltd. will hold 17.7073%, 16.0976%, 8.0489%, 4.8292%, 14.4878% and 4.8292% stake respectively and Loncin will hold no stake in Zunyi Jinye Machinery. Zunyi Jinye Machinery had total assets of CNY 377.7 million, owner's equity of CNY 306.9 million, operating income of CNY 212.6 million and net profit of CNY 76.8 million, for the year ended December 31, 2021. The twenty-eighth meeting of the fourth board of directors of Loncin reviewed and approved the transaction. This transaction does not need to be submitted to the Loncin's general meeting of shareholders for consideration.

A group of buyers cancelled the acquisition of 66% stake in Zunyi Jinye Machinery Casting Co., Ltd. from Loncin Motor Co., Ltd. (SHSE:603766) on April 24, 2023.