Shanghai Chaosheng Information Technology Development Partnership acquired 33% stake in Shanghai Chunshen Shahua Intelligent Technology Co., Ltd. from Xiamen Overseas Chinese Electronic Co.,Ltd. (SHSE:600870) for CNY 5 million on October 18, 2019. For the year ended December 31, 2018, Shanghai Chunshen Shahua Intelligent Technology had revenues of CNY 8.56 million and net income of CNY 2.24 million. As at December 31, 2018, Shanghai Chunshen Shahua Intelligent Technology had total assets of CNY 16.25 million and net assets of CNY 12.24 million. The transaction has been reviewed and approved at the 7th meeting of the 9th directorate of Xiamen Overseas Chinese Electronic held on October 18, 2019. The transaction doesn’t need to be submitted to the Xiamen Overseas Chinese Electronic’s shareholders meeting for consideration.