Shanghai Zeqing Investment Co., Ltd entered into an agreement to acquire Shanghai Shuanghua Automobile Technology Development Co., Ltd. from Shuanghua Holdings Limited (SEHK:1241) for CNY 1 on May 25, 2021. Shanghai Shuanghua Automobile Technology Development Co., Ltd. reported net loss of CNY 3.1 million, revenue of CNY 23.03 million, total assets of CNY 32.1 million, total liabilities of CNY 24.93 million and net assets of CNY 7.15 million for the year ended December 31, 2020. Shanghai Shuanghua Automobile Technology Development Co., Ltd. reported total assets of CNY 33.45 million, total liabilities of CNY 35.32 million net liability of approximately CNY 1.87 million for the year ended April 30, 2021. The transaction is subject to approval of local business and commercial registration department and by the shareholders of Shuanghua Holdings Limited. As of July 2, 2021, directors of Shuanghua Holdings Limited are of the view that the transaction is fair and reasonable, are on normal commercial terms and are in the interests of the Company and the Shareholders as a whole. Accordingly, the Board recommends the Shareholders to vote in favour of the ordinary resolutions to be proposed at the EGM to approve the Equity Transfer Agreement and the transactions contemplated thereunder. The extraordinary general meeting of Shuanghua Holdings Limited will be held on July 20, 2021. Computershare Hong Kong Investor Services Limited acted as registrar to Shuanghua Holdings Limited.