Foshan Construction Development Investment Co., Ltd. signed a share purchase agreement to acquire 23% stake in Shenzhen Wenke Landscape Co., Ltd. (SZSE:002775) from Zhao Wenfeng and Shenzhen Wenke Holding Co., Ltd for CNY 630 million on December 23, 2021. Foshan Construction will acquire 117,936,422 shares equivalent to 23% at CNY 5.36 per share. Zhao Wenfeng will transfer 30,950,400 shares and Shenzhen Wenke Holding Co., Ltd. will transfer 86,986,022 shares.

The deal is subject to approval from Foshan Construction Development Investment Co., Ltd. board and Shenzhen Wenke Holding Co., Ltd. shareholders. As of December 22, 2021 Shenzhen Wenke Holding Co., Ltd. shareholders approved the deal. As of December 20, 2021 Foshan Construction Development Investment Co., Ltd. board approved the deal.