Shanghai Golden Union Business Management Co., Ltd. (SHSE:603682) signed an agreement to acquire remaining 60% stake in Tongchang Shengye (Beijing) Technology Development Co., Ltd. from Shanghai Renmu Technology Development Partnership (Limited Partnership) for approximately CNY 160 million on April 23, 2021. Shanghai Golden Union Business Management Co., Ltd. shall pay CNY 114.81 million in three installments while remaining CNY 45.36 million payable in installments on the basis of performance target as agreed between the parties. For the year ended December 31, 2020, Tongchang Shengye (Beijing) Technology Development Co., Ltd. has reported total assets of CNY 139.07 million, net assets of CNY 0.60 million, operating profit of CNY 95.71 million and net loss of CNY 6.71 million. The Board of Directors of Shanghai Golden Union Business Management Co., Ltd. has approved the transaction.