Jin Tao signed the share transfer agreement to acquire 5.0074% stake in Zhejiang Tiantai Xianghe Industrial Co.,Ltd. (SHSE:603500) from Liu Xinlin for approximately CNY 140 million on May 11, 2023. As per the transaction, Jin Tao will acquire 12.3 million shares at a transfer price of CNY 11.51 per share. Following the transfer, Liu Xinlin will not hold any stake in Zhejiang Tiantai Xianghe Industrial Co.,Ltd. The transaction is subject to the approval of the compliance review of the Shanghai Stock Exchange, and go through the share transfer registration procedures at the Shanghai Branch of China Securities Depository and Clearing Corporation Limited.

Jin Tao completed the acquisition of 5.0074% stake in Zhejiang Tiantai Xianghe Industrial Co.,Ltd. (SHSE:603500) from Liu Xinlin on June 29, 2023. On June 30, 2023, Zhejiang Tiantai Xianghe Industrial Co.,Ltd received a notice that China Securities Depository and Clearing Company Limited issued “Securities Transfer Registration Confirmation,” that the transfer of Zhejiang Tiantai Xianghe Industrial Co.,Ltd’s shares was completed on June 29, 2023.