On 28 January 2022, Fiscal Year Financial (Shenzhen) Co., Ltd. entered into a new direct leasing transaction with the Lessee, pursuant to which the Company would purchase the Lease Assets from the Supplier at an aggregate consideration of RMB 3,000,000 under the Sale and Purchase Agreement and the Company would lease the Lease Assets to the Lessee for a term of 24 months in return for lease payment under the Lease Agreement. The Lease Assets to be purchased under the Sale and Purchase Agreement comprise 6 tower cranes and 75 mast sections. The purchase price payable for the Lease Assets under the Sale and Purchase Agreement is RMB 3,000,000 (inclusive
of VAT in a total amount of RMB 345,133). The purchase price was determined after arm's length negotiations between the Company, the Lessee and the Supplier with reference to the brand, the model and the market price of the Lease Assets under the Sale and Purchase Agreement. The purchase price shall be payable in the following
manner: an initial payment of RMB 600,000 will be payable by the Lessee directly to the Supplier, and such payment shall be deemed as the payment of an equivalent sum from the Company to the Supplier and the payment of the equivalent amount of down payment payable by the Lessee to the Company under the Lease Agreement;
and he remaining RMB 2,400,000 of the purchase price will be payable within 10 business days after the fulfilment of certain payment conditions. The amount of purchase price payable by the Company under the Sale and Purchase Agreement will be satisfied by the Company through its internal resources.