Beijing Longyufang Property Co., Ltd entered into an agreement to acquire 5.49% stake in Beijing Hualian Department Store Co., Ltd from Shanghai Rongshang Investment Management Center (Limited Partnership) managed by CITIC Private Equity Funds Management Co., Ltd. for CNY 340 million on February 26, 2020. As per the agreement, Beijing Longyufang Property Co., Ltd will acquire 150 million share at CNY 2.26 per share. Beijing Longyufang Property Co., Ltd will pay CNY 175 million within five working day from the date of signing the agreement and remaining CNY 165 million will be paid within five business days after the transaction is approved by the Shenzhen stock exchange. The transaction is subject to Shenzhen Stock Exchange approval.