Gu Xiantao signed a share transfer agreement to acquire 7.94% stake in Shenzhen Minkave Technology Co., Ltd. (SZSE:300506) from Cheng Zongyu for approximately CNY 240 million on October 21, 2020. As per transaction, Gu Xiantao will acquire 52 million shares in Shenzhen Minkave Technology at CNY 4.66 per share in cash. Gu Xiantao cancelled the acquisition of 7.94% stake in Shenzhen Minkave Technology Co., Ltd. (SZSE:300506) from Cheng Zongyu on November 6, 2020.