Jia Yuan Chuangsheng Holding Group Co., Ltd. agreed to acquire Zhongtian Urban Investment Group Co., Ltd. from Zhongtian Financial Group Company Limited (SZSE:000540) for CNY 8.9 billion on August 30, 2021. Jia Yuan Chuangsheng Holding Group Co., Ltd. signed an equity transfer agreement to acquire Zhongtian Urban Investment Group Co., Ltd. from Zhongtian Financial Group Company Limited (SZSE:000540) on December 1, 2021. The equity transfer price is tentatively set at 18,000 million yuan.

As of February 7, 2022, Zhongtian Financial Group has received the first equity transfer price, but has not received the second equity transfer price and one third of the third equity transfer price. The transferee's failure to pay the equity transfer price to the company in accordance with the "Equity Transfer Agreement", the company issued a reminder letter to the transferee on January 19, 2022. On January 29, 2022, the transferee proposed the following payment plan in combination with its own funding arrangements: pay the second-phase equity transfer price agreed in the company's "Equity Transfer Agreement" before March 28, 2022; The third installment of the equity transfer price agreed in the Company's Equity Transfer Agreement shall be paid off in three installments before the 28th June 2022: Specifically, one third of the company's third-phase equity transfer price will be paid on April 28, 2022, May 28, 2022, and June 28, 2022, respectively.

On March 29, 2022, the company has received a deposit of CNY 1580 million from the transferee, accounting for 17.75% of the equity transfer price in this transaction. As of June 28, 2022, Zhongtian Financial Group Company Limited has not received second installment of consideration. The final transaction price will be issued by an appraisal/valuation agency with securities business qualifications recognized by all parties.

The agreement signed this time is a framework agreement, and a formal transaction agreement needs to be signed. Zhongtian Financial held the 17th meeting of the 8th Board of Directors on August 30, 2021, and reviewed and approved the transaction. As of December 20, 2021, the shareholders of Zhongtian Financial Group Company Limited approved the transaction.