Guangyang Antai Holding Co., Ltd. signed an equity transfer agreement to acquire 3.33% stake in Laishang Bank Co., Ltd. from Panda Financial Holding Corp., Ltd. (SHSE:600599) for approximately CNY 280 million on December 7, 2018. Under the terms of transaction, Guangyang Antai Holding Co., Ltd. will acquire 100 million shares for CNY 275 million. Within 2 working days after the transfer of the shares of Laishang Bank Co., Ltd. has been reviewed by Panda Financial Holding Corp., Ltd.'s Board and shareholders and approved by the Shanghai Stock Exchange, both Guangyang Antai Holding Co., Ltd. and Panda Financial Holding Corp., Ltd. shall sign a “crowd escrow agreement” with Laishang Bank Co., Ltd. The bank will open a special account, and Guangyang Antai Holding Co., Ltd. will transfer the full payment of CNY 275 million into said escrow account managed by Laishang Bank Co., Ltd. in one single installment; and within 2 working days after the completion of the transfer of the industrial and commercial registration of Laishang Bank Co., Ltd. to the name of Laishang Bank Co., Ltd., Laishang Bank Co., Ltd. will transfer the total amount of CNY 275 million in the escrow account to Panda Financial Holding Corp., Ltd.'s collection account. As on December 24, 2018, the deal was approved in the 4th special shareholders' meeting of Panda Financial Holding Corp., Ltd. Guangyang Antai Holding Co., Ltd. completed the acquisition of 3.33% stake in Laishang Bank Co., Ltd. from Panda Financial Holding Corp., Ltd. (SHSE:600599) on January 10, 2019. On January 10, 2019, Guangyang Antai Holding Co., Ltd. has paid the corresponding amount to the Laishang Bank Co., Ltd.’s escrow account. On January 16, 2019, the corresponding amount was paid to the Panda Financial Holding Corp., Ltd.’s account by the Laishang Bank Co., Ltd.’s escrow account.