Taizhou Eastern Investment Management Co., Ltd, Taizhou Industrial Investment Co., Ltd. and Taizhou Jinkong Fund Management Co., Ltd. made an offer to acquire 51.9% stake in Beijing Beihang Tianyu Changying UAV Technology Co., Ltd. from Changying Xinzhi Technology Co.,Ltd. (SZSE:002664) for approximately CNY 670 million on October 23, 2020. As per terms of the consideration, 50% of the transfer price shall be paid within 25 natural days after the agreement comes into effect and remaining 50% of the transfer price shall be paid within 10 working days from the date when the competent authority for industry and commerce issues the transfer and registration of the target equity. The company has received a total of approximately CNY 340 million for the first equity delivery on December 21, 2020, which is the sum of the first equity delivery payments paid by Taizhou Optimization and Upgrade Investment Partnership (Limited Partnership), approximately CNY 170 million, the first phase of equity delivery payment paid by Taizhou Industrial Investment Co., Ltd. CNY 85.3 million and, the initial equity delivery payment of Taizhou Eastern Investment Management Co., Ltd. CNY 85.3 million, and the above equity delivery payment accounted for 51% of the total equity delivery price approximately CNY 670 million agreed in the agreement. Upon completion, Changying Xinzhi Technology Co.,Ltd. will no longer hold shares in Beijing Beihang Tianyu Changying UAV Technology Co., Ltd. As of September 30, 2020, Beijing Beihang Tianyu Changying UAV Technology Co., Ltd. reported total assets of CNY 0.1 million and net assets of CNY 0.02 million.