Quick Intelligent Equipment Co.,Ltd. (SHSE:603203) signed an equity purchase agreement to acquire an 85% stake in Suzhou NOC Intelligent Technology Co.,Ltd from Suzhou Enyan Venture Capital Partnership (Limited Partnership), Suzhou Wanshangji Intelligent Manufacturing Co., Ltd., Gao Lei and Xu Deqiang for CNY 91.8 million on August 18, 2020. The total consideration price will be transferred in five installments, first installment of CNY 18.36 million will be paid within 10 days from the date when this agreement is signed and the prerequisites are met, second payment of CNY 45.9 million within 10 working days from the date of delivery and the prerequisites are met, and third to fifth payment price of CNY 9.18 million each will be transferred within 10 days from the date when the accounting firm engaged by Quick Intelligent Equipment with securities qualifications issued a special review opinion on the promised net profit of the target company in 2020, 2021, and 2022.The transaction amount will be paid with its own funds. Suzhou Enyan Venture Capital Partnership (Limited Partnership) owns 33.5% stake, Suzhou Wanshangji Intelligent Manufacturing owns 11% stake, Gao Lei owns 30.5% stake and Xu Deqiang owns 10% stake in Suzhou NOC Intelligent Technology. For the year ended December 31, 2019, Suzhou NOC Intelligent Technology reported total assets of CNY 0.0029 million, total liabilities of CNY 0.0017 million, net assets of CNY 0.0013 million, operating revenue of CNY 0.0045 million and net profit of CNY 0.00012 million.