Wang Mingguang signed an equity transfer agreement to acquire an additional 21% stake in ENC Daoshu (Shanghai) Technology Co., Ltd. from ENC Digital Technology Co., Ltd (SHSE:603869) for CNY 30 million on April 6, 2021. Under the terms, Wang Mingguang pay within 30 working days from the date of signing this agreement, the first tranche of CNY 5 million, within 30 natural days after the signing of this agreement and the completion of the industrial and commercial change registration of this equity transfer, second tranche of CNY 10 million million and the remaining CNY 15 million within 6 months from the date of the signing of this agreement and the completion of the industrial and commercial change registration of this equity transfer. Post completion, ENC Daoshu shareholding ratio in ENC Daoshu has dropped from 51% to 30%. For the year ended December 31, 2020, ENC Daoshu reported total assets of CNY 77.8 million, net assets of CNY 17.9 million, operating income of CNY 55.3 million and net profit of CNY 3.6 million. As part of the transaction, Wang Mingguang become Legal representative of ENC Daoshu replacing Yang Rui. of

Wang Mingguang comleted the acquisition of an additional 21% stake in ENC Daoshu (Shanghai) Technology Co., Ltd. from ENC Digital Technology Co., Ltd (SHSE:603869) on June 11, 2021. As of July 26, 2022, ENC Digital has received a second equity transfer payment of CNY 10 million from Wang Mingguang.