Kong Biao signed a share purchase agreement to acquire an additional 5% stake in Shenzhen Hirisun Technology Incorporated (SZSE:300277) from Zhang Feng for approximately CNY 130 million on March 10, 2020. Under the terms of transaction, Kong Biao will purchase 16.75 million share at the purchase price of CNY 7.56 per share. Kong Biao is to pay 5% of the share transfer price amounting CNY 6.3 million within 30 working days after agreement takes effect and its legality has been confirmed by the Shenzhen Stock Exchange and remaining 95% of the share transfer price amounting to CNY 120.298 million within 12 months after transfer registration of target shares. Post completion, Kong Biao will hold 5.24% stake in Shenzhen Hirisun Technology Incorporated.