Wang Caifang agreed to acquire 5% stake in Zhengzhou Lianrui Electronic Technology Co., Ltd from Hi-Target Navigation Tech Co.,Ltd (SZSE:300177) for CNY 4 million on December 23, 2020. Wang Caifang will pay the transfer amount of CNY 2.1 million within 3 working days from the effective date of this agreement. The remaining equity transfer payment of CNY 1.9 million will be paid within half a year from the date of signing this agreement. In a related transaction Henan Gaochuang Zhenghe Innovation Venture Capital Fund (Limited Partnership) agreed to acquire 5% stake in Zhengzhou Lianrui Electronic Technology Co., Ltd from Hi-Target Navigation Tech Co.,Ltd for CNY 4 million on December 23, 2020. Post-completion of the transactions, Henan Gaochuang Zhenghe Innovation Venture Capital Fund (Limited Partnership) intends to increase capital by CNY 8 million to Zhengzhou Lianrui Electronic Technology Co., Ltd. Post-closing of all transactions, the registered capital of Zhengzhou Lianrui Electronic Technology Co., Ltd. will be increased to CNY 11 million. Henan Gaochuang Zhenghe Innovation Venture Capital Fund (Limited Partnership) will hold its 13.64% and Wang Caifang will hold its 4.55%. For the year ended September 30, 2020, Zhengzhou Lianrui Electronic Technology Co., Ltd reported total assets of CNY 17.3 million, net assets of CNY 6.8 million, Revenues of CNY 7.3 million, operating loss of CNY 3.09 million and net loss of CNY 2.62 million. For the year ended December, 2019, Zhengzhou Lianrui Electronic Technology Co., Ltd reported total assets of CNY 14.2 million, net assets of CNY 9.4 million, Revenues of CNY 14.6 million, operating Profit of CNY 0.5 million and net Profit of CNY 0.4 million. The transaction is approved by the 32nd meeting of the fourth board of directors of Hi-Target Navigation Tech Co.,Ltd. Within thirty days after receiving the transfer price, Zhengzhou Lianrui Electronic Technology Co., Ltd will apply for the registration of industrial and commercial changes