A group of buyers agreed to acquire a 67.11% stake in Shenzhen Santachi Video Technology Co., Ltd from SANTACHI (HONGKONG) LIMITED and Shenzhen Jinbang Investment Management Enterprise (Limited Partnership) on December 20, 2021. The consideration will be paid 20% within 5 working days after the transfer agreement becomes effective, 20% within 5 working days from the date when all the subject equity of the transaction is transferred, 10% within 5 working days after completion of the tax payment obligation and the balance within 5 working days from the date of completion of compensation obligations. The Hangzhou Shenhao Technology Co., will pay CNY 20.96 million a 4.99% stake in Shenzhen Santachi from its own fund and Cai Lu will pay CNY 8.4 million for 2.00% stake. Prior to completion, SANTACHI (HONGKONG) holds a 51.09% stake in Shenzhen Santachi Video and Shenzhen Jinbang Investment holds a 16.02% stake and upon completion, 4.99% stake will be held by Hangzhou Shenhao Technology Co., Ltd., 25.12% by Hangzhou Ruicheng Enterprise Management Partnership (Limited Partnership), 10% by Wang Chiyu and Fang Congyou each, 5% by Hangzhou Jinghui Enterprise Management Partnership (Limited Partnership), Hangzhou Lipu Enterprise Management Partnership (Limited Partnership) and Hangzhou Huaming Investment Partnership (Limited Partnership) each and 2% by Cai Lu. The Shenzhen Santachi Video had total assets and net assets of CNY 353.94 million and CNY 203.21 million, respectively, as of September 30, 2021. The transaction was approved by the board of Hangzhou Shenhao Technology Co. at the eighth meeting of the third board of directors.

A group of buyers completed the acquisition of 67.11% stake in Shenzhen Santachi Video Technology Co., Ltd from SANTACHI (HONGKONG) LIMITED and Shenzhen Jinbang Investment Management Enterprise (Limited Partnership) on December 31, 2021.