Bank of Dongguan Co.,Ltd. signed a letter of intent to acquire 5% stake in Dongguan Chang'an Rural Bank Co., Ltd. from Dongguan Development (Holdings) Co., Ltd. (SZSE:000828) for CNY 29 million on May 14, 2024. Bank of Dongguan Co.,Ltd. agreed to acquire 5% stake in Dongguan Chang'an Rural Bank Co., Ltd. from Dongguan Development (Holdings) Co., Ltd. (SZSE:000828) for CNY29 million on May 17, 2024. The consideration consists of CNY 29.11 million in cash.

As part of the consideration, CNY 29.11 million was paid towards common equity. On April 7, 2024, Dongguan Development (Holdings) Co., Ltd. held the 28th meeting of the 8th Board of Directors and reviewed and approved the Proposal on Public bidding and Transfer of 5% Equity in Chang'an Rural Bank.