Shanghai Tangjiu (Group) Co. Ltd agreed to acquire Shanghai Haibo Supply Chain Management Co., Ltd. from Bright Real Estate Group Co.,Limited (SHSE:600708) for CNY 300 million on June 22, 2024. A cash consideration of CNY 125.2 million and of CNY 169.88 million valued at CNY 169.88137 per share will be paid by Shanghai Tangjiu (Group) Co.

Ltd. As part of consideration, CNY 125.2 million is paid towards common equity and CNY 169.88 million is paid towards non-convertible debt of Shanghai Haibo Supply Chain Management Co., Ltd. As of December 31, 2023, Shanghai Haibo Supply Chain Management Co., Ltd reported total assets of CNY 420 million, total common equity of CNY 120 million, operating income of 420 million, and net profit of CNY 11.5 million. The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.