Chen Junchao and Zhang Huiag areed to acquire a 18.25137% stake in Bojun Education Company Limited (SEHK:1758) from Wuxi First Capital Equity Investment Fund Centers for HKD 62.8 million on March 31, 2022. Under the terms, Honesty Virtue will acquire 150,000,000 for HKD 0.4185 per share. HKD 4.185 million will be paid within 10 business days following the signing of the share purchase agreement, no less than 50% of the total consideration (being HKD 31.39) in aggregate shall be paid within six months following the signing of the Share purchase agreement and the remaining balance of the consideration shall be paid within eight months following the signing of the share purchase agreement.

After completion of the transaction, Wuxi First Capital Equity will cease to hold any Bojun Education Shares and the China First Capital Group Limited and its subsidiaries (Group) will hold 1,600,000 Bojun Education Shares. China First Capital Group Limited and its subsidiaries will use the proceeds from the Disposal to repay the outstanding liabilities owned by the China First Capital Group Limited to the Zhongyuan Bank Co., Ltd.