Tong Weiming and Tong Linhui signed the corresponding equity transfer agreement to acquire 80% stake in Ningbo Xueliman Electronic Meter CO.,LTD. and 35.55% stake in XUELIMAN Software from Ningbo Gaofa Automotive Control System Co., Ltd. (SHSE:603788) for CNY 130 million on March 28, 2019. As per the terms of the transaction, Tong Weiming will acquire 60% stake and Tong Linhui will acquire 20% stake in Ningbo Xueliman whereas, Tong Weiming will acquire 24% stake and Tong Linhui will acquire 8% stake in XUELIMAN Software. As part of the consideration, Tong Weiming will pay CNY 97.5 million and Tong Linhui will pay CNY 32.5 million. The consideration will be paid in installments with the first installment of CNY 26 million to be paid within 3 days since signing of the relevant agreement. The second installment of CNY 39 million will be paid within 10 days since completion of payment of the first installment and the third installment for the rest of the transaction will be paid within 90 days since completion of change of registry procedures. The transaction is subject to the approval by the shareholders of Ningbo Gaofa Automotive. The transaction was approved by the Board of Directors of Ningbo Gaofa Automotive on March 29, 2019 at the 16th meeting of the 3rd directorate. Tong Weiming and Tong Linhui cancelled the acquisition of 80% stake in Ningbo Xueliman Electronic Meter CO.,LTD. and 35.55% stake in XUELIMAN Software from Ningbo Gaofa Automotive Control System Co., Ltd. (SHSE:603788) on March 28, 2020.