Kangqiao Service Group Limited (SEHK:2205) agreed to acquire 80% stake in Xi?an Lifeng Property Management Co., Ltd from Xi?an Lifeng Enterprise Development Investment (Group) Co., Ltd., Wang Xuchun and Yan Le for approximately CNY 160 million on September 30, 2021. Post completion, Wang Xuchun will own 20% stake in Xi?an Lifeng Property. Upon completion of the Investment, the Target Company will become a subsidiary of Kangqiao Service. Kangqiao Service intends to fund the consideration of the Investment by the proceeds from the Listing together with the Company?s internal financial resources. For the year ended December 31, 2020, Xi?an Lifeng Property had operating revenues of CNY 62.9 million, Operating profit of CNY 15.5 million and Profit after tax of CNY 12.5 million.