Ma Deming and Ma Chen entered into framework agreement 51% stake in Russia United New Materials Co., Ltd. from Suzhou Yangtze New Materials Co., Ltd. (SZSE:002652) on December 18, 2021. The consideration consists of intention payment of CNY 10 million. As of January 20, 2021 Ma Deming and Ma Chen paid the amount of CNY 10 million to Suzhou Yangtze New Materials Co., Ltd.(SZSE:002652).

The transaction is subject to definitive agreement. The transaction is expected to close on September 30, 2021. As of October 8, 2021, the transaction is expected to close on December 31, 2021.

DeHeng Law Offices acted as legal advisor, Chongqing Kanghua Accounting Firm acted as accountant and JZ Securities Company Limited acted as financial advisor to Suzhou Yangtze New Materials Co., Ltd.