Wushi Fengbao No. 1 Private Securities Investment Fund, managed by Xiamen Wushi Private Fund Management Co., Ltd. signed an agreement to acquire a 7% stake in Red phase INC. from Yang Baotian for approximately CNY 330 million.

Red Phase INC. formerly Xiamen Red Phase Instruments INC. is principally engaged in the research, development, production and sale of electrical equipment operation testing and monitoring products, and electric energy meters. Its products include switch cabinets status monitoring products, power transmission status monitoring products, transformers and cables status monitoring products, among others. The Company’s products are used in power generation, power transmission, power substation and power distribution, among others.