Shanghai Ruifeng Intelligent Technology Co., Ltd. agreed to acquire 13.08% stake in Nullmax (Cayman) Limited from Xu Lei Holding Limited, Song Xin Yu Holding Limited, Huizhou Desay SV Automotive Co., Ltd., FutureX ICT Opportunity Fund II LP, Thousand Rivers Investments Limited, and Acadia Capital Management Limited for approximately CNY 320 million on August 29, 2023. The consideration consists of CNY 321.0 million in cash. As part of the consideration, CNY 321.0 million was paid towards common equity and shall be funded through own funds.

The transaction was approved by the Board of Directors of Shanghai Stonehill and still subject to approval by its shareholders and relevant authorities.