An unknown controlling shareholder signed an agreement to acquire 12.6% stake in Yongyue Science&Technology Co.,Ltd from Fu Wenchang for approximately CNY 450 million.

Jiangsu Huaying Enterprise Management Co., Ltd. signed an agreement to acquire 12.6% stake in Yongyue Science&Technology Co.,Ltd (SHSE:603879) from Fu Wenchang for approximately CNY 450 million on November 28, 2021. As per terms, Jiangsu Huaying Enterprise Management will acquire 456.4 million shares at price of CNY 9.9 per share. The consideration shall be paid, within 10 working days after obtaining the compliance confirmation document of the Shanghai Stock Exchange Jiangsu Huaying Enterprise Management Co., Ltd. shall pay CNY 423.2 million to the account designated by Fu Wenchang .

After which, both parties will go to China Clearance Company to complete the transfer procedures and within 30 days of which the balance of CNY 30 million shall be paid. Post completion the controlling shareholders will own 29.8% stake in Yongyue Science&Technology Co.,Ltd.