Shandong New Growth Drivers Fund Management Co., Ltd. agreed to acquire 40% stake in Wanjia Asset Management Co., Ltd. from Xinjiang International Industry Co.,Ltd (SZSE:000159) for approximately CNY 950 million on July 21, 2021. The consideration will be paid in tranches. On April 22, 2022, the company received the second share transfer payment of CNY475 million for the 40% stake in Wanjia Asset paid by Shandong New Kinetic Energy Fund Management Co., Ltd. Wanjia Asset Management Co., Ltd. reported total assets of CNY 432.7927 million, total equity of CNY 329.5153 million, operating profit of CNY 9.223 million and net profit of CNY 8.4767 million as of December 31, 2020. The transaction is subject to (i) shareholders' approval of Xinjiang International Industry Co.,Ltd and (ii) approval of the China Securities Regulatory Commission. The transaction has been approved by the Board of Xinjiang International Industry Co.,Ltd and Shandong New Kinetic Energy Fund Management Co., Ltd. The transaction has also received approval of shareholders of Wanjia Asset Management Co., Ltd to waive the right of first refusal and approval of shareholders of Wanjia Asset Management Co., Ltd. As of January 4, 2022 China Securities Regulatory Commission approved the deal. As of July 6, 2022, Xinjiang International Industry has received the final payment of CNY 190 million. As of June 30, 2022, Xinjiang International has received the Registration Confirmation Notice issued by the Market Supervision and Administration Bureau of China (Shanghai) Pilot Free Trade Zone.

Shenwan Hongyuan Securities Underwriting Sponsor Co., Ltd. acted as financial advisor, Grandway Law Offices acted as legal advisor and CAC CPA Limited Liability Partnership acted as accountant to Xinjiang International. As on August 13, 2021, Xinjiang International Industry Co.,Ltd Shareholders has approved this transaction.

Shandong New Growth Drivers Fund Management Co., Ltd. completed the acquisition of 40% stake in Wanjia Asset Management Co., Ltd. from Xinjiang International Industry Co.,Ltd (SZSE:000159) on June 30, 2022.