Beijing Qianjing Yunhai Technology Co., Ltd. signed the share transfer agreement to acquire 51% in Beijing Heshan Hongyun Logistics Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd (SHSE:603616) for approximately CNY 110 million on December 11, 2020. The consideration is payable in two installments within 30 days of signing of agreement, CNY 100 million will be paid and before June 30, 2021, the balance will be paid. For the year ended December 31, 2019, Beijing Heshan Hongyun Logistics Co., Ltd. revenues of CNY 1.4 million and net loss of CNY 0.54 million. As on October 31, 2020, total assets of CNY 319.7 million and net assets of CNY 318.4 million. On December 11, 2020, the Board of Directors of Beijing Qianjing Landscape Co.,Ltd (SHSE:603778), parent of Beijing Qianjing Yunhai Technology Co., Ltd. approved the deal. As of December 11, 2020, the Board of Beijing Hanjian Heshan approved the transaction. Beijing Qianjing Yunhai Technology Co., Ltd. completed the acquisition of 51% in Beijing Heshan Hongyun Logistics Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd (SHSE:603616) on December 29, 2020. According to the agreement of the equity transfer agreement, consideration of first equity payment of CNY 100 million was paid on December 29, 2020.