Hu Quan signed a share purchase agreement to acquire 51% stake in Sanchuan Wisdom Technology (Suzhou) Co., Ltd. from Sanchuan Wisdom Technology Co., Ltd. (SZSE:300066) for CNY 0 million. on October 15, 2021. Post acquisition, Sanchuan Wisdom Technology will no longer holds stake in Sanchuan Wisdom Technology (Suzhou) Co., Ltd. Sanchuan Wisdom Technology transfers the 51% stake of the Sanchuan Wisdom Technology (Suzhou) Co., Ltd. held by Sanchuan Wisdom Technology, that is, the subscribed capital of CNY 5.1 million, to Hu Quan. After the equity transfer agreement is formally signed, if either party fails to perform or fully performs the agreed terms of the agreement, it shall be deemed as a breach of contract. The breaching party shall be responsible for compensating all losses caused by its breach of contract to the observant party. The equity transfer has been deliberated and approved at the 17th meeting of the sixth board of directors of Sanchuan Wisdom Technology. According to the Sanchuan Wisdom Technology 's articles of association, this equity transfer does not need to be submitted to the Sanchuan Wisdom Technology 's shareholders meeting for deliberation.