Oriental Pearl Group Co.,Ltd. (SHSE : 600637) agreed to acquire an unknown stake in Shanghai Laofengxiang Co., Ltd. from Yangdi Fusion (Shanghai) Arts and Crafts Equity Investment Center for CNY 500 million on July 10, 2023. Shanghai Laofengxiang had total assets of CNY 22.620 billion and total common equity of CNY 6.471 billion, at the end of Q1, 2023. The Board of Directors of Oriental Pearl Group reviewed and approved the transaction, and authorized its management to handle relevant matters within the above-mentioned amount range and sign the equity transfer agreement. The transaction still needs to go through relevant approval procedures. As of September 11, 2023, Oriental Pearl Group Co.,Ltd. signed the Equity Transfer Agreement to acquire 2.44% equity in Laofengxiang from Arts and Crafts Fund.

Oriental Pearl Group Co.,Ltd. (SHSE : 600637) completed the acquisition of 2.4% stake in Shanghai Laofengxiang Co., Ltd. from Yangdi Fusion (Shanghai) Arts and Crafts Equity Investment Center on December 28, 2023.