Morn Holding Group Co., Ltd. agreed to acquire 99.3% stake in Shanghai Morn Financial Leasing Co., Ltd. from Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451) for approximately 310 million on May 7, 2021. As of March 31, 2021, Shanghai Morn Financial Leasing Co., Ltd. recorded total assets of CNY 318 million, net assets of CNY 315 million. The transaction has been approved by Board of Directors of Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451). The transaction is subjected to approval from shareholders of Shanghai Morn Electric Equipment Co., Ltd. (SZSE:002451).