Guangdong Hardware Mineral Import & Export Group Co., Ltd. signed a share transfer contract to acquire 46.43% stake in Guangdong Star Lake New Material Co., Ltd. from Star Lake Bioscience Co., Inc.Zhaoqing Guangdong (SHSE:600866) on March 25, 2022. As of July 31, 2021, Guangdong Star Lake New Material reported total assets of approximately CNY 360 million and Net assets of approximately CNY -730 million. The transaction has been approved in the 15th session of Star Lake Bioscience's 10th directorate.

Within 15 days after the establishment of the contract, Hardware Group will make a one time payment of the transfer price to Star Lake Bioscience.