Shanghai Golden Union Business Management Co., Ltd. (SHSE:603682) signed a letter of intent to acquire additional 42.5% stake in Beijing Xinhuiyuan One City Renewal Technology Development Co., Ltd from Beijing Yipeng Urban Renewal Technology Development Co., Ltd for CNY 93.5 million on November 5, 2022. Parties are expected to sign a formal agreement before December 31, 2022. After the completion, Shanghai Golden Union Business Management Co., Ltd. will own 77% stake in Beijing Xinhuiyuan One City Renewal Technology Development Co., Ltd. As of November 5, 2022, board of directors of Shanghai Golden Union Business Management Co., Ltd. approved the transaction.

As of January 19, 2023, The consideration will be pay in installments. As per the terms of agreement, Within three working days from the effective date of the equity transfer agreement, Shanghai Golden Union Business Management will remit the full amount to the co-management account jointly opened by both parties to the transaction in the name of Shanghai Golden Union Business Management and jointly managed by Beijing Yipeng. Remit 50% of the full amount of the difference funds to the designated account of Beijing Yipeng within three working days.

Within five working days after the delivery date, remit the remaining 50% of the full amount of the difference funds to the designated account of Beijing Yipeng, and the full payment of the difference funds to the designated account of Beijing Yipeng is deemed to have completed the equity transfer by Shanghai Golden Union Business Management payment obligations under the agreement. The difference between the equity transfer price of this transaction after deducting the intention money paid in the previous period and the principal and interest of the loan in the previous period. As of January 30, 2023, shareholders of Shanghai Golden Union Business Management Co., Ltd. approved the transaction.