The first equity transfer price of CNY 40 million will be paid within ten trading days from the effective date and remaining CNY 6 million within ten trading days from the date of completion of the industrial and commercial change registration procedures for equity transfer under this agreement. Hefei Jinchang Bearing had total assets and net assets of CNY 141.34 million and CNY 21.41 million, respectively, as of October 31, 2022. The share transfer agreement was approved by the 12th session of the Zhejiang XCC's 4th directorate on December 9, 2022 and still needs to be approved by their shareholders' meeting.

As of December 27, 2022, The shareholders of Zhejiang XCC Group has approved the transaction at Fourth Extraordinary General Meeting of Shareholders held on December 26, 2022.