Beijing Hualian Xinchuangyi Technology Co., Ltd. signed share transfer agreement to acquire 51% stake in Hualian (Beijing) Commercial Factoring Co., Ltd. from Beijing Hualian Department Store Co., Ltd (SZSE:000882) for approximately CNY 140 million recently. As per the terms, Within 10 working days from the agreement signing date, Beijing Hualianxin Chuangyi Technology Co., Ltd. will make a one-time payment. As of September 30, 2020, Hualian (Beijing) Commercial Factoring Co., Ltd. has total assets of CNY 305.1 million and net assets of CNY 283.9 million. As of December 31, 2020, Hualian (Beijing) Commercial Factoring Co., Ltd. has total assets of CNY 355.6 million, net assets of CNY 271.9 million, revenue of CNY 51 million, operating profit of CNY 38.5 million and net profit of CNY 30.1 million. The transaction is subject to Beijing Hualian Department Store Co., Ltd's shareholders approval and has been approved in the 7th Meeting of the Beijing Hualian Department Store Co., Ltd’s 8th Directorate held on November 24, 2020. The transaction was approved in the 3rd Extraordinary Shareholders Meeting of 2020 of Beijing Hualian Department Store Co., Ltd on December 11, 2020.