Huizhou Zhengdong Building Material Technology Limited entered into the sale and purchase agreement to acquire Huidong Yip?s Development Company Limited from Guangdong Adway Construction (Group) Holdings Company Limited (SEHK:6189) for CNY 31.5 million on October 21, 2021. The cash consideration of CNY 31.5 million comprises of; CNY 7 million paid at signing of agreement, CNY 19.53 million held in the custody account which shall be released within three working days upon the completion of the business registrations for the change in 100% equity interest in the Huidong and CNY 5 million held in the custody account which shall be released within three working days upon the completion of the site clearing work. Upon Completion, the Huidong Yip will cease to be subsidiary of the Guangdong and will be owned 100% by Huizhou Zhengdong. The net assets of Huidong Yip were CNY 9.21 million as of September 30,2021. Guangdong intends to use proceeds of disposal for general working capital.