Boyang Qiushi Jinqu No. 1 Private Securities Investment Fund managed by Shenzhen Boyang Private Securities Fund Management Co., Ltd. signed share transfer agreement to acquire 5% stake in China Bester Group Telecom Co., Ltd. (SHSE:603220) from Li Liubing for approximately CNY 440 million on May 14, 2024. Li Liubing planned to transfer its 16,761,860 shares in the Company accounted to 5% stake for a transfer price of CNY 26.11/ share and total transfer price of CNY 437,652,164.60.

Payment will be done in three installments 20% of the share transfer price, amounting to CNY 87,530,432.92 within 10 working days after the agreement, 30% of the share transfer price, amounting to CNY 131,295,649.38 within 2 months after the share transfer procedures have been completed and the remaining 50% balance of the share transfer price, amounting to CNY 218,826,082.30 within 5 months after the share transfer procedures have been completed. The transaction still needs to obtain the compliance confirmation from Shanghai Stock Exchange and have the relevant procedures for the share transfer processed in China Securities Depository and Clearing Corporation Limited Shanghai branch.